Analysis of gold news: During the U.S. trading session yesterday (May 29), international spot gold continued its correction trend, and the current gold price is around US$2,337 per ounce. On this trading day, investors will focus on the Federal Reserve’s Beige Book and the speech of the Federal Reserve’s “No. 3” Williams, which is expected to trigger market conditions. The focus this week will be Friday’s release of the core U.S. personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge. The market seems inclined to fully price a moderate number. If the final result realizes the market’s expectations, the expectation of the Federal Reserve’s interest rate cut this year will continue, which will help gold resume its upward trend. On the contrary, any data that exceeds expectations will have a considerable impact on rising U.S. bond yields and a higher dollar, which will also continue to put pressure on gold and force gold to pull back further.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2350 first-line resistance at the top and the 2320 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market on Wednesday (May 29), international oil prices fluctuated and fell, with U.S. crude oil currently trading around $79.2 per barrel. Oil prices rose sharply on Tuesday and regained key levels. In particular, WTI crude oil regained the $80 mark, which surprised many investors who took a wait-and-see attitude. Oil prices rebounded rapidly for three consecutive trading days, pushing oil prices back to the upper edge of the three-week range. , with this kind of performance, we reminded in the report after the oil price closed last Thursday that before the OPEC ministerial meeting in June makes the final decision, it is very likely that oil prices will rebound as some short funds leave the market to avoid risks. The rebound can temporarily alleviate market concerns, but the final choice of the oil price outlook still needs to wait for the boots to fall. The weak sales in the crude oil spot market in the past period have made investors cautious, and there is news in the market that Saudi Arabia may lower the price of most of the crude oil it sells to Asia in July. This means that the core OPEC countries have sent a signal that Saudi Arabia has sensed the current weakening performance of the crude oil market and needs to take necessary measures to maintain the stability of the oil market. Judging from the statements of relevant member states, although investors remain on the sidelines and have high expectations for OPEC to extend production cuts, this OPEC ministerial meeting will still face greater challenges in extending production cuts. The overall commodity market has been volatile recently. It is relatively large and the mood is unstable, which also has a certain impact on the crude oil sector. At the current position, oil prices have a certain logical probability of choosing the upper or lower direction of the market outlook. There is a high probability that the oil price will maintain a volatile trend before the OPEC meeting. It is not recommended to chase the rise or fall, wait for the boots to fall, and participate with caution.
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.
