Analysis of gold news: Last Friday (September 22), spot gold prices rose slightly due to the US dollar falling from a 6-month high, which gave gold prices some relief. However, despite the Fed’s hawkish stance, the prospect of longer-term interest rate hikes still brings weak sentiment to the market. Gold had a relatively lackluster performance last week, with prices trading sideways amid growing concerns about rising interest rates. Still, the hawkish stance was maintained this week, stressing that interest rates will have to remain in restrictive ranges for the foreseeable future. The gold market remains neutral due to uncertainty in the market.
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 1935 at the top and the first-line support of 1910 at the bottom.
Analysis of crude oil news: Last Friday (September 22), the price of U.S. crude oil was trading at $90.37 per barrel in the U.S. market. U.S. West Texas Intermediate (WTI) crude oil futures prices continued to circulate around $90 per barrel during the session as supply constraints put pressure on barrel prices. In addition, the Federal Reserve kept interest rates unchanged on Wednesday, but strengthened its hawkish stance and is expected to raise the interest rate range by 25 basis points to 5.50-5.75% before the end of the year. This could dampen economic growth and overall fuel demand. Global oil reserves are expected to dwindle in the coming months as governments and independent producers release oil, helping stabilize domestic fuel costs or take advantage of rising barrel prices. OPEC producers continue to be interested in cutting production, and as barrel prices are squeezed at origin, refiners will be scrambling to capture as much of the constrained market as possible, further adding to upward pressure. Refinery margins are at their highest in years, and as barrel prices move higher, plants will be looking to add as much supply as possible. Some economists say the recent oil price boom may be coming to an end. After reaching a price target of $90 per barrel, further gains are expected to be limited as all major market drivers have essentially been exhausted for now.
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 91.2 at the top and the first-line support of 88.4 at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
