Analysis of gold news: On Thursday (September 14), the latest data released showed that U.S. retail sales increased by 0.6% monthly in August, much higher than the expected 0.2%. At the same time, the number of initial jobless claims in the United States for the week to September 9 was 220,000, lower than the expected 225,000. The release of these data caused the spot gold price to fall by US$6 in the short term, falling to the day’s lowest of US$1,901.9 per ounce, and is currently quoted at US$1,904.96 per ounce. These economic data had a positive impact on the market and were considered “encouraging” signs. First, retail sales data significantly exceeded expectations, indicating that the U.S. consumer market remains strong. Secondly, the number of initial jobless claims was lower than expected, which means that the U.S. labor market remains solid. The release of these data further solidified the impression that the U.S. economy is recovering and performing strongly. It could also mean the Fed is expected to adopt tighter monetary policy, including further interest rate hikes. In this case, market demand for safe-haven assets such as gold may weaken, leading to a short-term decline in their prices.
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 1925 at the top and the first-line support of 1900 at the bottom.
Analysis of crude oil news: On Thursday (September 14), in the US market, international crude oil prices were trading around US$90.22/barrel. The crude oil market showed signs of strength in Wednesday trading, indicating that it is possible to break upward again. There is no denying that the WTI crude oil market has taken a bullish stance and maintained its upward trajectory. The market appears ready to target the $90 level, indicating a clear attempt to break out of the recent consolidation pattern. The key factor in this bullish scenario is supply shortages, driven primarily by voluntary production cuts implemented by Russia and Saudi Arabia. In addition, under this market, there is huge buying pressure. When prices fall, it is reasonable to expect continued interest from buyers. It is worth noting that the $85 level is very important as it was the previous high and the upper limit of a larger pennant formation. Bosson sees $85 as a strong bottom for this market below current price levels. Therefore, concerns about a trend reversal will only arise if the price falls below this key level. Ultimately, the crude oil market will remain bullish, with further gains expected.
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 91.5 at the top and the first-line support of 89.0 at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
