Analysis of gold news: In the U.S. market on Tuesday (May 28), due to the weakening of the U.S. dollar and a negative change in market sentiment, gold recovered its earlier losses and stood at the $2,360 mark. Gold prices briefly weakened in early trading, mainly due to concerns about weakening demand in China and pressure from the reduced possibility of the Federal Reserve cutting interest rates. Investors took profits after recent gains while the market awaited key U.S. inflation data due later this week. . Non-yielding gold, widely seen as an inflation hedge, took a hit after minutes from last week’s Federal Reserve meeting showed that the current policy response will include keeping the benchmark interest rate at current levels, but also reflected discussions about possible further rate hikes. Traders are pricing in a roughly 63% chance of a rate cut in November as of now, with markets awaiting Friday’s release of the core personal consumption expenditures price index (PCE), the Fed’s preferred inflation measure. Still, gold prices are likely to be well supported by bargain-hunting demand and central bank diversification strategies. Demand for gold has been rising for two years as central banks around the world diversify their foreign exchange reserves. Julius Baer on Tuesday raised its three-month and 12-month gold price targets to $2,450 and $2,550 on Tuesday due to continued gold buying by central banks and demand from investors and consumers in Asia. Over the past few months, gold demand has begun to be dominated by Asia, where the willingness to buy gold as a hedge against economic and geopolitical risks appears to be higher than we expected.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2372 first-line resistance at the top and the 2342 first-line support at the bottom.
Crude oil news analysis: Oil demand is expected to continue to grow on Tuesday (May 28). Goldman Sachs on Monday raised its forecast for global oil demand in 2030 and predicted that due to the possible slowdown in the popularity of electric vehicles, oil consumption will rise in 2034. That will keep refineries operating at above-average rates until the end of the decade. Analysts led by Nikhil Bhandari said in a report that the bank’s research arm raised its crude oil demand forecast for 2030 to 108.5 million barrels per day from 106 million barrels per day, and expected demand in 2034 to reach 110 million barrels per day. peak, followed by a long-term plateau until 2040. Goldman Sachs said that by 2040, emerging Asian markets may become the main driver of global oil demand growth, with China and India being the main contributors.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows. Focus on the 81.3 first-line resistance at the top and the 78.3 first-line support at the bottom.
Caution is required in operation and suggestions are provided for reference.
