Analysis of gold news: In the U.S. market on Monday (September 11), as the U.S. dollar fell back before the release of key U.S. inflation data this week, the price of gold rose, once exceeding 1930, and is expected to hit the best trading day in the past two weeks. The U.S. dollar remains weak, while gold is trying to hold on to the 1920 mark. The economic calendar is relatively light this trading day, with focus on the U.S. CPI inflation report later this week, which will have an important impact on the path of the Federal Reserve’s interest rates. Gold prices rose on Monday, supported by a retreat in the dollar, as investors awaited U.S. inflation data that could determine the direction of interest rates from the Federal Reserve. Spot gold maintains a narrow range of fluctuations, currently hovering around US$1,923, with an intraday maximum of US$1,930, and intraday fluctuations of around US$15. It fell 1% the previous week. The dollar tumbled ahead of U.S. inflation data on Wednesday as traders focused on whether the world’s largest economy was indeed on track for a “soft landing” and whether the Federal Reserve would raise interest rates further.
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 1933 at the top and the first-line support of 1912 at the bottom.
Analysis of crude oil news: U.S. crude oil fluctuated slightly on Monday (September 11); last Friday (September 8), international crude oil prices closed at around US$87.20/barrel, and the total U.S. crude oil inventory was as of September 1 The week fell to the lowest level since December 2, 2022. Inventories fell by 6.307 million barrels that week, the largest drop since August 25, 2023. A Platts survey showed that Saudi crude oil production fell to its lowest level since May 2021, at 8.95 million barrels per day. The news pushed diesel futures higher, outpacing gains in crude oil. In addition to supply issues, macroeconomic factors also have an impact on oil prices. In addition, the Eurozone economic data did not meet expectations, with a growth rate of only 0.1%, compared with the expected 0.3%. These factors have suppressed the potential demand for crude oil. A strong U.S. dollar typically makes U.S. dollar-denominated oil more expensive for traders. Overall, the decisions of Saudi Arabia and Russia, as well as global macroeconomic factors, have had an impact on the oil market, causing oil prices to rise and market attention to increase. Going forward, investors will need to continue to pay close attention to these factors to better understand the direction of the oil market.
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 88.5 at the top and the first-line support of 85.8 at the bottom.
The execution of gold and crude oil trading has to be done carefully, the above strategies are recommended only for reference.
