Analysis of gold news: At the end of the Asian market on Wednesday (May 8), spot gold fluctuated within a narrow range and is currently trading around $2,315.49 per ounce. Gold prices fell on Tuesday after rising in the previous session, but losses were modest as traders remained focused on the prospect of a rate cut from the Federal Reserve. The U.S. dollar index still has room to strengthen on the daily chart, while the weekly chart relies on the support of the 10-week moving average to stop the decline and maintain an upward trend. It is expected to show an upward climb again, putting pressure on the price of gold. However, its monthly chart is still at a level of nearly a year and a half. In the relatively wide range of fluctuations that have occurred since then, if it does not break through this range, the negative pressure on gold prices will be limited. This leaves gold prices still expected to rise again after corrections under pressure. Although the 10-year U.S. bond yield continues to fall on the daily chart, its weekly chart is close to bullish support such as the 10-week and mid-line lines, and it is expected to strengthen again and continue to rebound at any time. The monthly chart is also close to the bullish moving average support, and it is also likely to start to continue to strengthen at any time. If the current weakness has limited support for gold prices, the market outlook will still be mainly negative for gold prices. Therefore, the future trend of gold prices is still biased towards the expected development of high fluctuations and pending correction. Continue to covet the 60-day or 60-month moving average support before starting another bull market rally.
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 2327 at the top and the first-line support of 2297 at the bottom.
Analysis of crude oil news: U.S. crude oil hovered at low levels at the end of the Asian crude oil market on Wednesday (May 8), currently trading around $77.8 per barrel. Oil prices closed slightly lower on Tuesday on signs that supply concerns have eased, the EIA’s monthly report also lowered its demand growth forecast, and the United States still believes it can break the ceasefire deadlock. Oil price losses were limited, however, as market participants turned their attention to U.S. inventory data due later in the day. Brent crude oil futures closed down $0.17 on Tuesday, with a settlement price of $83.16 per barrel, hitting a new low of 82.41 meters per barrel since March 13. U.S. crude oil futures closed down $0.10 on Tuesday, with a settlement price of $78.38. The U.S. dollar once hit its lowest level since March 13 at $77.55 per barrel. The U.S. Energy Information Administration (EIA) on Tuesday raised its forecast for world oil and liquid fuels production this year and lowered its demand forecast, suggesting the market is well-supplied, compared with previous forecasts showing a deficit. The U.S. Energy Information Administration (EIA) said on Tuesday it expects world oil demand to grow at a slower pace this year than previously estimated, while production growth will be faster than previously expected, leaving the market more balanced. Oil traders have largely shrugged off the impact of rising tensions in the Middle East. Israel forces seized control of the Rafah border crossing between the Gaza Strip and Egypt as mediators worked to broker a ceasefire. But the United States still believes it can break the ceasefire deadlock. Russian Deputy Prime Minister Novak said that OPEC has not discussed increasing production, which still provides some support to oil prices.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows. The top should focus on the 80.4 first-line resistance, and the bottom should focus on the 77.4 first-line support.
Operations need to be done with caution and are recommended for reference only.
