Analysis of gold news: In the US market last Friday (May 10), as the intensification of geopolitical tensions in Gaza consolidated the safe-haven appeal of precious metals, and recent data raised concerns about the US labor market, it triggered On speculation that the Federal Reserve may cut interest rates earlier than previously expected, the price of gold rose and was close to 2380 during the session. The European Central Bank almost guaranteed to cut interest rates in June. The Reserve Bank of Australia also made a decision to maintain interest rates stable at its last meeting. and made dovish remarks. In addition, Israel’s attack on eastern Rafah and the ceasefire negotiations ended in vain, which also provided safe-haven support for bullish buying of gold. Globally, most central banks have either cut interest rates or signaled a willingness to do so, leading to an environment where interest rates appear to be peaking and then falling, which is positive for gold. In the United States, further evidence of labor market weakness has revived expectations that the Federal Reserve will need to cut interest rates sooner than previously expected. The number of people filing for unemployment benefits in the United States increased by 231,000 in the week ended May 3, which was higher than expected. The previous week’s expectation was 210,000, which was revised up to 209,000. This comes on the heels of a nonfarm payrolls report that showed lower-than-expected readings for nearly all key indicators in April. The data suggests the U.S. economy is struggling under the weight of the current high interest rate environment and adds to speculation that the Federal Reserve could cut interest rates sooner than previously expected. However, comments from Fed officials – most recently from Boston Fed President Susan Collins and Minneapolis Fed President Neel Kashkari – have tended to be hawkish, with both arguing that inflationary pressures remain too high , it is not appropriate to consider an interest rate cut.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2373 first-line resistance at the top and the 2343 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market last Friday (May 10), U.S. crude oil fell sharply in late trading and is currently trading around $78.13 per ounce. Oil prices rose to their highest level in a week on Thursday after data from China and the United States showed demand from the world’s two largest crude consumers may be rising. In addition, Israeli strikes in eastern Rafah and cease-fire talks ended without results also provided support to prices. Brent crude oil futures rose $0.30, or 0.4%, to settle at $83.88 a barrel on Thursday; U.S. crude oil futures rose $0.27, or 0.3%, to settle at $79.26 a barrel. Both benchmark contracts hit their highest closing prices since April 30.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 78.9 at the top and the first-line support of 75.9 at the bottom.
Caution is required in operation and suggestions are provided for reference.
