Analysis of gold news: In the U.S. market on Monday, spot gold rebounded modestly after plunging nearly $40 on the previous trading day. The current price of gold is around $2,330 per ounce. Market bets on a rate cut by the Federal Reserve in September and geopolitical risks provided some support for gold prices. However, the dollar climbed to its highest level since May 9, becoming a headwind for gold. Gold traders are focusing on U.S. PCE data this week, with investors likely to react to core PCE inflation data, which excludes volatile commodity prices such as food and energy and is not distorted by base effects. In April, the core PCE price index rose 0.2% month-on-month. If the May data comes in at 0.2% or lower, it could reignite expectations for a September rate cut by the Federal Reserve and lead to selling pressure on the dollar. On the other hand, if the reading reaches 0.3% or higher, it could trigger a rebound in U.S. Treasury yields and force gold prices lower over the weekend.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2340 first-line resistance at the top and the 2310 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market on Monday (June 24), the U.S. crude oil August futures contract rose strongly and is currently trading at $81.63 per barrel. Crude futures climbed on Thursday after the U.S. Energy Information Administration (EIA) reported a drop in crude inventories and data showed a cooling labor market, boosting hopes that the Federal Reserve will cut interest rates sooner. The main Brent crude oil futures contract rose 0.37% to $84.80 a barrel on Thursday. It earlier hit $85.814, its highest since May 1. As investors became increasingly optimistic about the demand outlook, international oil prices continued their gains and hit a new high in the past month. WTI crude oil futures once approached the US$80 mark, but did not stand there. Finally, they closed up 2.41% at US$79.95 per barrel. Crude oil and product inventories have risen at an unseasonal pace since February, and if this trend continues, it could put pressure on oil prices in the third quarter. If inventories continue to build rapidly, oil prices will fall.
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 82.8 at the top and the first-line support of 79.8 at the bottom.
Operations need to be done with caution and are recommended for reference only.
