Analysis of gold news: On the evening of Monday (June 17), the spot gold price once fell to US$2,309.92 per ounce, and now rebounded slightly to above US$2,314, and was trading at US$2,319.26 per ounce as of press time. $2,300 has been an important psychological and technical support level for the gold market. Gold prices have fluctuated recently due to uncertainty about the political situation in France and market expectations for global central bank policies. In the ongoing evolution of the global economy and politics, gold’s role as a safe-haven asset has become increasingly prominent. Especially near the key psychological price of $2,300, the fluctuations in gold prices have attracted widespread market attention. This article will delve into the current key price levels of $2,320 and $2,300 in the gold market, analyze the market dynamics behind them, and predict future trends. The policy trends of the Federal Reserve have a profound impact on the price of gold. Despite the Fed’s hawkish tone at its late-June policy meeting, softer U.S. economic data, particularly declines in consumer and producer price indexes, provided evidence of subdued inflation. This has enhanced market expectations for the Federal Reserve to cut interest rates in 2024, thus supporting gold prices. Market sentiment is also an important factor affecting gold prices. Currently, investor concerns about the political situation in France and uncertainty about the global economic outlook have increased the appeal of gold as a safe-haven asset. At the same time, the decline in the U.S. consumer confidence index further highlighted the value of gold in unstable markets. The fluctuation of gold prices at the $2,300 mark reflects the market’s sensitive response to global economic and political events. Despite short-term fluctuations, gold’s long-term value and safe-haven function are still recognized by investors. In the current market environment, investors should pay close attention to the key price levels of $2,320 and $2,300, as well as the Federal Reserve’s policy trends and global economic data to make informed investment decisions.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2337 first-line resistance at the top and the 2307 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market on Monday (June 17), international oil prices rose sharply. U.S. crude oil is currently trading at $80.33 per barrel. Oil futures closed slightly lower on Friday after a survey showed that U.S. consumers Confidence deteriorated, but oil prices rose 4% for the week as investors assessed solid forecasts for crude and fuel demand in 2024. Brent crude oil futures closed down $0.13 on Friday, settling at $82.62 a barrel; U.S. crude oil futures closed down $0.17 on Friday, at $78.54. Both indicators rose nearly 4% last week, their biggest weekly gains since April. However, it is still subject to the dual resistance levels of the 200-day moving average and the 100-day moving average*. International crude oil prices fluctuated after rising overall last week. Affected by the situation in the Middle East and expected to increase fuel demand in the summer, international oil prices rose by about 3% on Monday. However, on Wednesday, as U.S. government data showed that crude oil inventories unexpectedly increased by 3.73 million barrels, oil prices plummeted, giving up most of the day’s gains. WTI crude oil closed at $78.07 per barrel. In addition, the latest IEA report predicts that global oil demand will peak in 2029 and begin to decline in the following year. With ample supplies, global oil markets will face a “significant” glut this decade.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows and longs. Focus on the 81.1 first-line resistance at the top and the 78.1 first-line support at the bottom.
Operations need to be done with caution and are recommended for reference only.
