Analysis of gold news: Gold prices rose slightly in early U.S. trading on Monday (June 3). Due to the lack of new market-affecting news, precious metals market traders are focusing on key “external markets” that are beneficial to metal prices. The dollar index weakened and U.S. Treasury yields fell. After the data was released, the 10-year U.S. bond yield fell 2.17% on the day to $4.418. The index fell nearly 30 points in the short term and was at 104.3 at midday. Spot gold rose nearly $8 in the short term, trading at $2,341.62 per ounce. Some analysts say that if the unemployment rate does rise, then it may be a sign that the U.S. labor market is not as tight as some believe, which may lead to further adjustments in interest rate expectations, and even some gains in the U.S. dollar as we approach the weekend. Weak. While gold is considered an inflation hedge, higher interest rates increase the opportunity cost of holding this non-yielding asset.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2362 first-line resistance at the top and the 2332 first-line support at the bottom.
Analysis of crude oil news: Looking ahead on Monday (June 3), the oil market showed a bullish outlook due to the combined impact of continued production cuts and demand recovery, which may continue to drive prices higher. OPEC’s weekend meeting extended deep production cuts until 2025, but eight OPEC countries have expressed their intention to gradually cancel 2.2 million barrels per day of voluntary production cuts between October 2024 and September 2025. Oil prices barely stayed at nearly three Above the monthly low, there is bargain hunting to support oil prices. However, Israel has accepted the framework agreement proposed by US President Biden to gradually end the Gaza War, which is slightly negative for oil prices. After the US PCE data last week, the US dollar index weakened, which tended to support oil prices.
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 75.1 at the top and the first-line support of 72.1 at the bottom.
Operations need to be done with caution and are recommended for reference only.
