Analysis of gold news: Inflation data continued to slow down last week. Combined with the continued rise in interest rate cut expectations, the US dollar is under tremendous pressure. This makes investors’ bullish sentiment towards gold expected to continue. If the PCE price index continues to show signs of slowing inflation this week, There are signs that gold prices may still find support. However, there are large differences in the views of retail investors and analysts this week. The vast majority of retail investors expect gold to rise this week, while market analysts are neutral on the metal’s near-term outlook. As market participants continue to digest the Federal Reserve’s updated economic forecasts, the biggest risk event for gold prices this week is the latest PCE inflation data due to be released on Thursday, as well as the final third-quarter GDP estimate. If inflation continues to cool based on the Fed’s preferred benchmark, that could support a more aggressive plan to cut interest rates. The market will also receive data on U.S. housing starts and building permits on Tuesday, consumer confidence and existing home sales on Wednesday, Philadelphia Fed survey data on Thursday, and durable goods and new home sales data on Friday. Investors can focus on the above data, which may affect the fluctuation of gold prices this week.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the 2035 first-line resistance, and on the bottom, focus on the 2007 first-line support.
Analysis of crude oil news: In the US market last Friday (December 15), crude oil prices were trading around US$71.90 per barrel. The US dollar depreciated, coupled with rising market sentiment towards the possibility of the Federal Reserve cutting interest rates, and the International Energy Agency The push from the International Energy Agency (IEA) to raise its oil demand forecast for next year is helping to support crude prices. The market turned around after falling to its lowest in nearly six months during Wednesday’s trading session. Oil prices extended gains from the previous session on Thursday, rising 3%, surging on a weaker dollar after the International Energy Agency (IEA) raised its oil demand forecast for next year. The IEA raised its forecast for global oil demand in 2024. The IEA said in its monthly report that world oil consumption will increase by 1.1 million barrels per day in 2024, an increase of 130,000 barrels per day from its previous forecast, citing an improving U.S. outlook and falling oil prices. Lower interest rates lower borrowing costs for consumers, boosting economic growth and oil demand. A weaker dollar makes oil cheaper for foreign buyers. The Federal Reserve said on Wednesday borrowing costs would be lower in 2024, and a weaker dollar also boosted crude prices. The dollar fell to a four-month low on Thursday after the Federal Reserve said interest rate hikes may be over and borrowing costs will fall in 2024. Oil investors will enter 2024 with strong concerns about slowing economic growth and oversupply, while rising tensions in the Middle East could trigger price volatility.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the first-line resistance of 73.5 at the top and the first-line support of 70.7 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
