Analysis of gold news: On Thursday (May 16), the price of gold fell to US$2,370 in the US market. It has rebounded slightly and is currently trading at US$2,378. The recent number of unemployment benefits applications in the US has declined, which may indicate the job market. stability and growth. According to CME’s FedWatch tool, market participants currently predict a 74% chance of the Fed cutting interest rates in September. The U.S. dollar index was buying after the U.S. consumer price index (CPI) showed weak inflation, adding to pricing for a rate cut by the Federal Reserve. The International Court of Justice is considering ordering Israel to halt Operation Rafah, as Israel acknowledges that it is at war with the United States. Market analysts said the double top pattern in gold prices indicates potential bearish pressure. Gold price fluctuations have been linked to the stability of U.S. inflation, which has increased market expectations that the Federal Reserve may cut interest rates in September. Ole Hansen, head of commodity strategy at Saxo Bank, commented that stable inflation and weak retail sales are a positive sign for the gold market. U.S. retail sales unexpectedly were flat last month, while a drop in consumer prices and subdued job market data last week were a positive sign for Fed policymakers, who are looking to see further gains in inflation before considering a rate cut. improve. A lower interest rate environment has boosted the appeal of non-yielding gold. Hansen also pointed out that although gold has experienced a period of consolidation, the magnitude of the consolidation was relatively small compared to the sharp gains in March and April, indicating that the market still has underlying strength.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the first-line resistance of 2392 at the top and the first-line support of 2362 at the bottom.
Analysis of crude oil news: In the U.S. market on Thursday (May 16), U.S. crude oil fluctuated and rose within a narrow range, and is currently trading around $79.3 per barrel. Oil prices rose nearly 1% on Wednesday from the previous session’s two-month low as markets weighed bullish U.S. economic and crude inventory data against the International Energy Agency’s (IEA) forecast of weak global oil demand growth. Brent crude oil futures rose $0.37, or 0.5%, to close at $82.75 a barrel on Wednesday; U.S. crude oil futures rose $0.61, or 0.8%, to close at $78.63. That brought Brent’s premium to U.S. crude to its lowest since March 28. The narrowing of premiums has made it less profitable for energy companies to send ships to the United States to pick up crude oil for export. Earlier, a bearish International Energy Agency report pushed the two major benchmark contracts into technical oversold territory, and oil prices hit their lowest point since February. On Tuesday, both benchmark contracts closed at their lowest levels since March 12. Oil prices reversed course after U.S. data showed crude inventories fell more than expected and weak inflation data fueled expectations of a rate cut later this year. On this trading day, the Middle East will pay attention to changes in the number of initial jobless claims in the United States and the performance of real estate market data. Pay attention to the monthly rate of U.S. industrial output in April and the speeches of Federal Reserve officials, and pay attention to news related to the geopolitical situation.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the 80.5 first-line resistance at the top and the 77.5 first-line support at the bottom.
Operations need to be done with caution and are recommended for reference only.
