Gold Market Analysis:
On Wednesday, September 11, during the Asian trading session, spot gold was fluctuating within a narrow range, currently trading around $2516. Gold prices saw a slight rebound on Tuesday, climbing back above $2510 and closing at $2515. U.S. Treasury yields faced resistance and hovered near a 15-day low, providing room for a gold price rebound. However, the recovery of the U.S. dollar index limited the upside in gold. U.S. bond yields were mixed on Monday as some profit-taking occurred after last week’s strong bond rally, which was driven by a weak labor market. The labor market softness has also raised questions about the extent of the Federal Reserve’s rate cut this month. Market participants are now focusing on the August U.S. Consumer Price Index (CPI) data to be released on Wednesday, followed by the Producer Price Index (PPI) on Thursday. Meanwhile, a report from the New York Fed on Monday indicated that public inflation expectations for August remained relatively stable as inflationary pressures continued to ease.
Gold Strategy for Today: It is recommended to focus on buying on dips and selling on rebounds. Watch for resistance at the $2533 level and support at the $2503 level.
Crude Oil Market Analysis:
On Tuesday, September 11, during the U.S. trading session, international oil prices continued to decline sharply, with U.S. crude currently trading around $66.25 per barrel. Oil prices rose about 1% on Monday as concerns grew over the potential impact of an approaching hurricane expected to hit Louisiana on Wednesday, which could disrupt oil production and refining along the U.S. Gulf Coast. WTI crude dipped to an intraday low of $66.79 during the U.S. session before quickly rebounding and recovering all losses, eventually closing up 0.88% at $68.21 per barrel. Brent crude also rose, closing up 0.55% at $71.73 per barrel. On Monday, the U.S. Department of Energy announced the purchase of over 3.4 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). In a statement, the Department noted that the contract signed on Sunday spans from January 2025 to March 2025, with more than 1.1 million barrels to be filled into the Texas SPR facilities each month.
Crude Oil Strategy for Today: It is recommended to focus on selling on rebounds and buying on dips. Watch for resistance at the $67.1 level and support at the $64.1 level.
Caution is advised, and the strategies are for reference only.
