Analysis of gold news: During the Asian trading session on Thursday (May 23), gold prices continued to hover around 2,382 ounces due to intensifying geopolitical tensions in the Middle East and market expectations that the Federal Reserve will soon cut interest rates. Meanwhile, 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 2388 at the top and the first-line support of 2358 at the bottom.
Analysis of crude oil news: In early trading in the Asian market on Thursday (May 22), U.S. crude oil fluctuated and fell within a narrow range, and is currently trading around 77.1. Oil prices fell sharply on Wednesday. Although there were recurrences during the day, oil prices finally closed at a low level under the pressure of comprehensive accumulation of API inventory data in the early morning. This week’s oil prices were not able to take on last week’s rebound, but in the past half month. The upper range of the shock range stopped near the resistance, and then returned to weakness under the guidance of the weak spot market, continuing the trend of range shock and continuing to put pressure on the lower range support. The weak demand improvement expectations have failed to reverse market confidence, and investors have no intention of pursuing higher oil prices. The monthly spread structure of Shanghai crude oil futures, which reflects the consumer side, and Brent crude oil, which is widely used as an international trade benchmark, continues to weaken. Against the background of the generally strong performance of various industrial products sectors, the weakness of the crude oil sector is particularly eye-catching. The North Sea spot market performance is weak, and the domestic refined oil market is under obvious pressure due to the substitution effect of new energy vehicles and gas vehicles, allowing the market to regain confidence. The difficulty is increasing, which means that the crude oil market is more eager to hope that the OPEC ministerial meeting in early June will give a resolution to boost market confidence. The support at the lower edge of the current oil price range will be tested again. It is expected that oil prices will continue to be weak and volatile, so pay attention to the rhythm. Participate with caution.
Today’s strategy for crude oil: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows and longs. Focus on the first-line resistance of 78.3 at the top and the first-line support of 75.3 at the bottom.
Operations need to be done with caution and are recommended for reference only.
