Analysis of gold news: Gold prices rebounded on Monday (June 10). The previous trading day, gold prices hit their biggest decline in three and a half years. The reason was that data released by China and the United States made bets on Chinese demand and the Federal Reserve interest rate cuts Speculators were disappointed. As of press time, spot gold rose 0.54% to $2,306.16 per ounce. Gold prices fell about $83, or 3.5%, on Friday, their biggest one-day drop since November 2020, after a stronger-than-expected U.S. jobs report dented hopes of a September interest rate cut, while news that China’s central bank was delaying gold purchases Investors betting on Chinese demand are staying away. Market focus has turned to the U.S. consumer inflation report, which is due out on Wednesday on the same day as the Fed’s policy decision. The Fed is not expected to make any changes this week, with focus on comments from Fed Chairman Powell and policymakers. changes in economic forecasts. Strong U.S. non-farm payrolls data and wage inflation data pushed U.S. Treasury yields sharply higher, with the 2-year Treasury yield, which is sensitive to Fed policy expectations, recording its largest rise in two months. This puts heavy pressure on gold prices. The market generally expects the Federal Reserve to keep interest rates unchanged this week. With inflation so stubborn, most economists believe the Fed expects only one or two rate cuts, rather than the three previously forecast. Minutes from the Fed’s last meeting in early May showed officials were ready to raise interest rates again. However, JPMorgan doesn’t think the dots point to a rate hike, while Bank of America says Powell is likely to maintain a high threshold for rate hikes.
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 2318 at the top and the first-line support of 2288 at the bottom.
Analysis of crude oil news: In the U.S. market on Monday (June 10), U.S. crude oil rose strongly and is currently trading around $78.05 per barrel. U.S. crude oil fell back from highs on Friday, closing down about 0.38% at $75.38 per barrel, as investors assessed OPEC’s assurances and the latest U.S. employment data, which dampened expectations that the Federal Reserve will cut interest rates soon. Brent crude oil futures closed $0.25 lower on Friday, settling at $79.62 a barrel. U.S. oil and natural gas production hit a record high at the end of 2023, but has since trended downward, with production growth slowing year by year. U.S. companies have slowed output growth as oil prices stabilized at lower levels last year compared with peaks in 2022, while U.S. natural gas prices plunged to their lowest in decades at the start of this year. Falling oil and gas prices compared with a peak in 2022, an ongoing wave of consolidation in the U.S. shale industry and a focus on shareholder returns rather than production growth have combined to drag down oil prices in recent months Production growth. Amid continued consolidation in the U.S. oil and gas industry, producers are getting larger and focused on shareholder returns. They will not be inclined to respond to every price spike with a massive increase in drilling, ultimately flooding the market with oil and driving down prices. U.S. oil production growth may be slowing, but it will still lead global supply growth among non-OPEC producers, according to OPEC’s latest estimates.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 78.8 at the top and the first-line support of 75.8 at the bottom.
Operations need to be done with caution and are recommended for reference only.
