Analysis of gold news: In the US market on Wednesday (September 20), gold prices rose slightly for the fourth consecutive trading day, with investors paying close attention to the latest interest rate forecast after the Federal Reserve’s monetary policy meeting and Chairman Powell’s speech. As of press time, spot gold is currently trading at $1,946.84 per ounce, an intraday increase of 0.79%. According to the latest market expectations, the Federal Reserve may suspend its hawkish interest rate hikes at this interest rate resolution, that is, it will suspend interest rate increases in September. However, despite the relatively hawkish stance and maintaining the possibility of another interest rate hike in the future, these situations have been anticipated by the market to a certain extent. Therefore, the market impact of releasing this information may be limited. Fed officials are widely expected to keep interest rates on hold for now but will also indicate in new economic forecasts whether they believe further rate hikes are needed before the end of the year. Soaring oil prices have added to inflationary pressures and raised expectations that the Federal Reserve will keep interest rates higher for longer.
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 1942 at the top and the first-line support of 1915 at the bottom.
Analysis of crude oil news: In the U.S. market on Wednesday (September 20), U.S. crude oil bottomed out and rebounded, currently trading around 90.4; investors began to make profits after three consecutive trading days of gains, and oil prices rose on Tuesday to a 10-month high before falling slightly. On the demand side, analysts say demand for oil will continue to grow after 2030, driven by Asian markets. In order to resolve the contradiction between supply and demand, Kazakhstan’s National Oil and Gas Company seeks alternative oil transportation routes. On the supply side, ExxonMobil has committed to adding nearly 40,000 barrels per day of oil production at its Nigerian operations. Angolan state oil company Sonangol will increase refining capacity, a board member said. Libya’s energy minister said that Libya’s production is below OPEC quota and hopes that the output can be close to the quota. Analysts wrote in a note to clients that the “new upside target” for U.S. futures is near $95 a barrel. “That being said, no market will rise in a straight line forever, and at current levels, crude oil futures are very vulnerable to any negative news that could trigger a major ‘overbought’ correction.”
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the 90 first-line resistance at the top and the 87.4 first-line support at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
