Analysis of gold news: In the US market on Tuesday (June 11), spot gold fluctuated and rose within a narrow range, and is currently trading around $2,315 per ounce. Gold prices rebounded on Monday to settle near $2,310.71 an ounce after suffering their biggest one-day drop in three-and-a-half years in the previous session, as investors awaited U.S. inflation data and the Federal Reserve’s interest rate decision later this week. In addition, we need to pay attention to the resistance near 2314.64. This position provided support to the gold price many times before last Friday’s decline. It has now been transformed into a strong resistance. Before breaking through this position, there is still a further downside risk for gold prices in the future. Gold prices fell about $83 an ounce on Friday, or 3.5%, the biggest one-day drop since November 2020, after a stronger-than-expected U.S. jobs report dampened hopes of a September interest rate cut. Reports of gold buying also discouraged investors betting on demand from China. Gold temporarily recovered despite a rise in the dollar and U.S. Treasury yields, as market focus turned to Wednesday’s U.S. consumer price index report, the day the Federal Reserve will announce its policy decision. Signs that inflation may be slowing may change market expectations for the path of the Federal Reserve to raise interest rates. It is worth mentioning that the United Nations Security Council passed a resolution supporting the ceasefire plan between Israel and Hamas, which may further suppress the safe-haven buying demand for gold.
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 2328 at the top and the first-line support of 2298 at the bottom.
Analysis of crude oil news: In the US market on Tuesday (June 11), international oil prices fluctuated within a narrow range, holding on to most of the gains overnight. Crude oil is currently trading around US$77.7 per barrel. In the past week or so, oil prices first experienced a catharsis after the OPEC meeting at the beginning of the week, and then experienced the impact of U.S. non-farm data on the financial market on Friday night. The employment report released by the U.S. Bureau of Labor Statistics showed The number of non-farm payrolls increased by 272,000 (market expectations were for an increase of 185,000). The non-farm payrolls report strongly suppressed expectations of an interest rate cut by the Federal Reserve. The U.S. dollar jumped. Gold, silver, and copper led to a collective plunge in commodities. Oil prices were also obviously affected to a certain extent, and fell slightly. Compared with the impact of this data on the US dollar and the gold, silver and copper markets, the crude oil market is obviously more concerned about the impact of its own supply and demand. The poor demand performance in the past period has severely dampened market confidence. The market expects OPEC to increase production cuts to save the market. In the face of high expectations, OPEC’s decision to extend production cuts for another quarter was very unsatisfactory for investors, so oil prices plummeted. As market sentiment stabilized, Saudi Arabia reiterated that OPEC still prioritizes market stability and will not turn to targeting market share, further stabilizing the situation. Investors have also rekindled expectations that the supply and demand situation in the crude oil market will improve in the next three quarters. Under such emotional changes, oil prices also went out of the big opening and closing, and the weekly closing trend was a long lower shadow line. The overall situation of oil prices is still in a weak stage. The positive side is that the monthly difference structure of crude oil and the crack difference of refined oil products have begun to improve. It is still necessary to follow up and observe whether the supply and demand level of the crude oil market can further pick up. This is also the next period. Time is the most critical factor affecting oil prices.
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 79.4 at the top and the first-line support of 76.4 at the bottom.
Operations need to be done with caution and are recommended for reference only.
