Analysis of gold news: During the U.S. trading session last Friday (May 3), spot gold temporarily hovered near the 2,300 mark and is currently trading around $2,301.7 per ounce. Gold prices fell to around 2,277 overnight, but rose back above the 2,300 mark in late trading as Israeli planes struck a location on the outskirts of the Syrian capital Damascus on Thursday night, and bargain hunting poured in to support gold prices. However, gold prices were temporarily limited in trading as investors refrained from building large positions ahead of U.S. non-farm payrolls data that may provide more clues on the Federal Reserve’s policy path. However, so far last week, gold prices are still down 1.44% and may end lower for the second consecutive week. The market’s expectations for the U.S. non-agricultural data in April are relatively optimistic, and there is still a risk of further correction in gold prices in the short term.
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 2322 at the top and the first-line support of 2292 at the bottom.
Analysis of crude oil news: During the U.S. trading session last Friday (May 3), U.S. crude oil fluctuated and fell back, currently trading around $78/barrel. Oil prices closed near a seven-week low on Thursday and continued to be under pressure below the 200-day moving average. Oil prices were mixed during the session, affected by weak global demand, rising inventories and fading hopes of a rapid U.S. interest rate cut. However, OPEC may extend oil production cuts action, which provided some support to oil prices. U.S. crude oil futures fell $0.05, settling at $78.95 a barrel, the lowest since March 12. Global benchmark Brent crude oil futures also hit their lowest since early March at US$83.05 per barrel, before rebounding from intraday lows and closing up US$0.23, or 0.3%, to settle at US$83.67 per barrel. Oil investors are increasingly worried about a possible slowdown in the U.S. economy. The war between Israel and Hamas continues without any major hit to Middle East oil supplies. Separately, Hamas leaders held phone calls with Egyptian and Qatari officials and agreed to send additional delegations to participate in ceasefire negotiations. Oil prices fell more than 3% on Wednesday after the U.S. government reported an unexpected surge in crude inventories and the Federal Reserve kept interest rates unchanged, citing stubborn inflation. Traders are also watching whether falling oil prices will spur the U.S. government to restock strategic reserves. Three sources from OPEC, the oil-producing alliance formed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, told the media that if demand fails to pick up, the organization may extend production cuts, which will support oil prices. On this trading day, you need to pay attention to the changes in non-farm employment in the United States after seasonally adjustment in April, the ISM non-manufacturing PMI in the United States in April, the total number of oil drilling rigs in the United States in the week to May 3, and pay attention to news related to the geopolitical situation in the Middle East.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the first-line resistance of 79.7 at the top and the first-line support of 76.7 at the bottom.
Caution is required in operation and suggestions are provided for reference.
