Analysis of gold news: Spot gold rebounded slightly last Friday (May 24), closing at $2,333 per ounce, but the drop in gold prices last week still reached $81. Financial markets fluctuated violently last week, with the gold market in particular attracting attention. At the beginning of last week, the news of the death of the Iranian president once stimulated the price of gold to soar to a record high. However, affected by the hawkish Federal Reserve meeting minutes and strong U.S. economic data, the U.S. dollar strengthened and gold experienced a deep correction. As the U.S. dollar fell back, spot gold last week It closed up 0.21% on Friday, at $2,333.43 per ounce. Spot gold closed last week plummeting $81.07, or 3.36%, the largest weekly decline since early December. The price of gold hit a high of $2,450.11 per ounce last week and fell to a low of $2,325.35 per ounce.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2355 first-line resistance at the top and the 2325 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market last Friday (May 24), U.S. crude oil fluctuated within a narrow range and is currently trading around $77.7 per barrel. Oil prices fell for a fourth straight day on Thursday on worries that U.S. borrowing costs could rise again if inflation surges, which could hurt oil demand. Brent crude oil futures fell $0.20, or 0.2%, to $81.70 a barrel on Thursday. U.S. West Texas Intermediate crude futures fell $0.29, or 0.4%, to $77.28. Both benchmarks fell more than 1% on Wednesday. Minutes of the Fed’s latest policy meeting released on Wednesday showed that the central bank’s response to sticky inflation will “involve maintaining” the policy rate range, but the minutes also reflected discussions about the possibility of further raising borrowing costs. Data from the U.S. Energy Information Administration (EIA) on Wednesday showed that U.S. crude oil inventories increased by 1.8 million barrels last week, while market expectations were for a decrease of 2.5 million barrels. This also puts pressure on the market. Globally, physical crude oil markets have been under pressure recently due to weak refinery demand and abundant supply. Oil prices were capped by worries about demand and the fact that the Federal Reserve remains unconvinced the fight against inflation is over, while Russia’s pledge to compensate for overproduction supported prices early Thursday morning ET. While Russia’s production cuts may support oil prices, markets have been concerned about oil demand this week amid signs of overall softening in spot crude prices.
Crude oil strategy today: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 79.0 at the top and the first-line support of 76.0 at the bottom.
Operations need to be done with caution and are recommended for reference only.
