Analysis of gold news: During the U.S. trading session on Tuesday (June 4), commodities such as precious metals and crude oil maintained their decline. Commodities got off to a rocky start to the week, with U.S. employment taking center stage. In terms of precious metals, gold is consolidating within a narrow range and silver continues to fall. In terms of crude oil, the oil market was hit after OPEC planned to steadily restore supply. Commodities got off to a rocky start to the week, with U.S. employment concerns in the spotlight; markets appeared to be leaning toward a more cautious stance at the start of the week, with stocks trading lower, bonds rising (yields falling) and the dollar struggling to show any signs of bullish potential. Gold buyers appear to be waiting on the sidelines despite a weaker dollar. Investors await key employment data this week, but demand for the precious metal has weakened. Today’s JOLTs data will drive the direction of the market, with job vacancies, hiring and turnover rates influencing speculative bets on the dollar, inflation and gold. The turnover rate is related to inflation; if fewer people quit their jobs each month, it means that employees are less optimistic about finding another suitable job and decide to stay in their current job, with the result that the job market The turnover of personnel has been reduced. After the outbreak, workers took advantage of this and received higher wages. The turnover of personnel has been reduced. After the outbreak, workers took advantage of this and received higher wages. In short, fewer resignations mean less inflationary pressure from wages, which could lead to the dollar consolidating or even weakening further. However, the main event of the week remains Friday’s non-farm payrolls data, which will likely have the biggest impact on markets.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2345 first-line resistance at the top and the 2315 first-line support at the bottom.
Analysis of crude oil news: In the U.S. market on Tuesday (June 4), U.S. crude oil hovered at a low level and is currently trading around $72.9 per barrel. U.S. crude oil prices fell more than $2 on Monday, hitting their lowest level in nearly four months, as investors worried about the demand outlook and viewed OPEC’s complex production decision as a signal that members are eager to export more crude. Brent crude futures fell $2.75, or 3.4%, to settle at $78.36 a barrel, closing below $80 for the first time since February 7. U.S. crude oil futures closed at $74.00 a barrel, the lowest in nearly four months, down $3.18, or 4.12%, from last Friday. OPEC agreed on Sunday (June 2) to extend most deep production cuts until 2025, but left room for eight member countries to gradually lift voluntary production cuts from October. The alliance also agreed to set a new production target for the United Arab Emirates, which has been pushing for higher quotas. Goldman Sachs analysts said the result was negative for oil prices and that the gradual lifting of voluntary production cuts showed that despite the recent increase in global oil inventories, several OPEC members still have a strong desire to resume production. As oil producers get bigger, they focus on shareholder returns and are less inclined to aggressively increase drilling every time oil prices spike, ultimately flooding the market with oil and driving down prices. In addition, signs of weakening demand growth have also weighed on oil prices in recent months, with U.S. fuel consumption data taking center stage.
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 74.6 at the top and the first-line support of 71.6 at the bottom.
Operations need to be done with caution and are recommended for reference only.
