Analysis of gold news: Before the US market opened on Monday (May 20), spot gold once fell below 2410, falling more than 40 US dollars from the daily high. As of press time, the price of gold is currently trading at $2,427.82 per ounce, up 0.63% on the day. Safe-haven demand was boosted by rising geopolitical tensions in the Middle East and expectations that the Federal Reserve would soon cut interest rates, while rising tensions between Russia and Ukraine, which launched attacks on each other over the weekend, also boosted safe-haven demand. The minutes of the Federal Reserve’s last policy meeting, scheduled to be released on Wednesday, as well as comments from multiple Fed spokespersons, will be the focus of investors’ attention. Later on Monday, investors will be watching the Fed’s Bostic, Barr, Waller, Jefferson and Mester speeches, which may provide some insight into the future path of monetary policy. Caution or hawkish comments from Federal Reserve officials could limit the precious metal’s upside. Data last week showed signs of cooling in inflation, with traders now pricing in a 65% chance of a U.S. interest rate cut by September.
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 2442 at the top and the first-line support of 2412 at the bottom.
Analysis of crude oil news: In the U.S. market on Monday (May 20), U.S. crude oil fluctuated within a narrow range, currently in the range of 78.7-80 US dollars. The United States previously bought crude oil to replenish reserves. The helicopter carrying the President of Iran crashed and rescuers launched a search and rescue operation. Brent crude futures rose 0.3% to $83.91 a barrel. U.S. West Texas Intermediate oil futures rose 0.2% to $79.77 a barrel. Brent crude oil rose about 1% last week, its first weekly rise in three weeks; U.S. crude oil rose 2% last week as economic indicators in the world’s two largest oil consumers, the United States and China, improved. Despite the turmoil in the region, oil prices moved only slightly. The oil market remains largely range-bound, and without any new catalysts, we will likely have to wait for clarity on OPEC’s production policy to break out of this range. Seizing the opportunity of the recent drop in oil prices, the U.S. government said over the weekend that it had purchased 3.3 million barrels of oil at $79.38 per barrel to help replenish the Strategic Petroleum Reserve. Falling inventories of oil and refined products at global trading hubs also fueled optimism about demand, reversing a trend of rising inventories that had weighed heavily on crude prices in previous weeks.
Today’s strategy for crude oil: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to low and long positions. Focus on the first-line resistance of 77.6 at the top and the first-line support of 80.6 at the bottom.
Operations need to be done with caution and are recommended for reference only.
