Analysis of gold news: In the US market on Wednesday (June 5), spot gold maintained its intraday rebound trend. Intraday news on Wednesday, June 5, Wednesday’s ADP employment report showed that the United States added 152,000 private-sector jobs last month, which was lower than market expectations for an increase of 175,000. April’s increase was revised downward to 188,000. The report is the latest sign that employment is not reeling under the weight of the Federal Reserve’s rate hikes, even as other data shows the job market is becoming more balanced. The U.S. Department of Labor reported on Tuesday that job openings fell to the lowest in more than three years in April, and the ratio of job openings to unemployed people has returned to pre-pandemic levels in early 2020. Gold prices edged higher, supported by a weaker dollar and Treasury yields. Market participants are awaiting more economic data to determine the Fed’s next move on monetary policy. The ISM services report is a key event, and the ideal scenario for gold bulls is for the ISM services index to remain below 50. The ADP employment report is about to be released, and the market expects that the number of jobs in May will be 175,000, down from the previous value of 192,000. The change could signal a slowdown in the U.S. labor market. If the ADP data is poor, it may delay the expected time for the Fed’s first interest rate cut to November; if the data is good, September may become the preferred month for the Fed to take action. This shows that market participants are paying close attention to the ADP report for clues on the direction of the Fed’s monetary policy.
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 2383 at the top and the first-line support of 2353 at the bottom.
Analysis of crude oil news: In the U.S. market on Wednesday (June 5), international oil prices rebounded in shock, with U.S. crude oil currently trading around $74.32 per barrel. Oil prices fell more than $1 on Tuesday, falling for four consecutive sessions and hitting a near four-month low, as global demand already showed signs of softening amid concerns over OPEC’s decision to increase supply later this year. Be skeptical. Oil prices continued their inertial decline on Tuesday. After oil prices broke through and fell, pessimism spread, further pushing oil prices downward. Although oil prices have shown obvious signs of oversold in the short term, market confidence has dropped to freezing point, causing oil prices to continue to sink. Seeing 70 US dollars, Even sounds of lower purpose began to emerge. The weak demand side continues to put pressure on the market. Some time ago, it began to gradually feed back to the upstream, making the crude oil market discount weaker. This performance disappointed the market. The latest OPEC meeting decision cannot meet investors’ high expectations. This contrast has once again frustrated investor confidence. Investors ignore the benefits of extending production cuts on improving supply and demand in the third quarter, and are more worried about OPEC’s gradual withdrawal after October. The voluntary production cut of 2.2 million barrels per day has made the market worried that the crude oil market is gradually facing supply pressure again. In the early morning, API released inventory data showing that crude oil stockpiles were 4 million barrels, and refined oil stocks were also full across the board. This caused oil prices to plunge again in the short term. The difficult rebound in the night session was once again frustrated. It will still take time for oil prices to stabilize. After breaking the level and falling sharply on Monday, investment It is further difficult to restore investor confidence. Investors who are concerned about the rebound in the third quarter can wait patiently for layout opportunities. Oil prices need to stop falling and stabilize in June. Later, they will pay attention to whether there are signs of improvement at the supply and demand level. Refined oil products fell significantly on Tuesday. Crude oil has narrowed, and the monthly difference has also recovered slightly. Continue to pay attention to the changes in high-frequency indicators on the market, pay attention to the rhythm, and participate with caution.
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 75.7 at the top and the first-line support of 72.7 at the bottom.
Operations need to be done with caution and are recommended for reference only.
