Gold Market Analysis:
Wednesday (July 10) U.S. Trading Session: Gold prices briefly touched $2,386 during the U.S. trading session on Wednesday, overcoming the negative signal from the People’s Bank of China, which paused gold purchases for the second consecutive month. This rise is related to the growing speculation that the Federal Reserve may begin cutting interest rates as early as September, weakening the U.S. dollar and boosting gold prices. As speculation mounts that the Fed may cut rates in September, the dollar is losing momentum. Federal Reserve Chairman Jerome Powell emphasized that the central bank will make decisions on a meeting-by-meeting basis and warned that maintaining overly high interest rates for an extended period could harm economic growth.
Today’s Gold Strategy: It is recommended to focus primarily on buying during pullbacks and selling during rebounds. Pay attention to the resistance at the 2390 level and the support at the 2360 level.
Crude Oil Market Analysis: On Wednesday (July 10) during the U.S. trading session, international oil prices rose sharply, with U.S. crude currently trading around $82.32 per barrel. Oil prices fell by more than 1% on Tuesday, recording a third consecutive daily decline as traders learned that Hurricane Beryl was unlikely to cause long-term supply disruptions. The storm damage to a major oil production hub in Texas was less severe than feared. Brent crude oil futures settled at $84.66 per barrel on Tuesday, down $1.09 or 1.3%. U.S. crude oil futures closed at $81.41 per barrel, down $0.92 or 1.1%. Despite the evacuation of some offshore production facilities, port closures, and slower refinery rates in the U.S., major refineries along the Gulf Coast appeared to be minimally affected after Beryl weakened to a tropical storm. In today’s trading session, focus on the EIA crude oil inventory data and keep an eye on geopolitical developments.
Today’s Crude Oil Strategy: It is recommended to focus primarily on selling during rebounds and buying during pullbacks. Pay attention to the resistance at the 83.5 level and the support at the 80.5 level.
Caution: Operations should be approached with caution, and the recommendations are for reference only.
