Analysis of gold news: The U.S. market is currently trading around $2,174 per ounce on Wednesday (March 13). Gold prices retreated nearly $30 on Tuesday, once touching the 2,150 mark, to close at $2,157.98 per ounce, a drop of more than 1%, after a red-hot U.S. inflation report dimmed the prospect of the Federal Reserve cutting interest rates soon. U.S. consumer prices rose sharply in February, indicating that inflation is somewhat sticky. Data showed that the consumer price index (CPI) in February increased by 0.4% from the previous month and 3.2% from the same period last year, higher than the expected 3.1%. Tai Wong, an independent metals trader in New York, said: “CPI is a bit hot, but the market expected it to be relatively high, so the initial reaction was a bit muted, but the price has been fluctuating since then, and gold bulls will still look for reasons to push gold prices higher.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2188 first-line resistance at the top and the 2159 first-line support at the bottom.
Analysis of crude oil news: U.S. crude oil rose sharply on Wednesday (March 13) and is currently trading around $79.6 per barrel. Oil prices closed slightly lower on Tuesday and showed a wide range of fluctuations during the session. The U.S. government raised its crude oil production growth forecast for 2024 and released negative economic data for the market. However, continued geopolitical tensions limited the decline in oil prices. Brent crude oil futures for May delivery settled down $0.29 at $81.92 a barrel. The U.S. crude oil contract for April closed down $0.37 at $77.56 a barrel. On Tuesday, OPEC maintained its forecast for relatively strong growth in global oil demand in 2024 and 2025 and further raised its economic growth forecast for this year, saying there was more room for improvement. The latest API report showed that U.S. crude oil inventories decreased by 5.521 million barrels last week, while gasoline and distillate inventories decreased by 3.75 million barrels and 1.162 million barrels respectively. The Fed is widely expected to keep its target interest rate in a range of 5.25%-5.5% at next week’s policy meeting, the same level it has held since July last year. Regarding the future oil market, EIA predicts that U.S. crude oil production will increase by 460,000 barrels per day in 2024, reaching 13.65 million barrels per day. EIA also predicts that WTI crude oil prices will reach US$82.15/barrel and Brent crude oil prices will reach US$87/barrel in 2024. However, OPEC’s forecasts for global oil demand in 2024 and 2025 are more optimistic than those of the EIA. OPEC predicts that global oil demand will increase by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025. OPEC believes that the boost in economic growth will further promote oil demand growth.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows and longs. Focus on the 80.8 first-line resistance at the top and the 78.0 first-line support at the bottom.
Caution is required in operation and suggestions are provided for reference.
