Analysis of gold news: On Wednesday (September 6), the U.S. dollar index continued its upward momentum and is currently trading around 104.85. Gold prices are trading around $1,916 an ounce. The U.S. dollar index rose all the way during the day, reaching the 105 mark at one point, closing up 0.64% at 104.81. Overnight, Fed officials “hawked” again, and Waller warned the market not to rush to predict that the Fed has finished raising interest rates. According to CME’s “Fed Watch”: the probability that the Federal Reserve will keep interest rates unchanged at 5.25%-5.50% in September is 93.0%. It is also betting that the probability of resuming interest rate hikes in November will decrease. The time for a complete interest rate cut will be advanced from July next year to June. moon. Fed Governor Paul Waller said on Wednesday that policymakers have room to afford to “prudently push ahead” with rate hikes given recent data showing that inflation continues to slow. Waller’s speech sent gold prices higher before falling back. Recent data has shown mixed messages about the U.S. labor market, with job growth accelerating in August, but the unemployment rate edged up to 3.8% and gains in wages were limited. Those nuances have traders all but certain the Fed will pause on raising interest rates, leaving them debating the timing and extent of future adjustments.
Today’s gold strategy: It is recommended that the callback should be mainly low and high, and the rebound should be supplemented by high altitude. The upper part should focus on the first-line resistance of 1933, and the lower part should focus on the first-line support of 1905.
Analysis of crude oil news: In the U.S. market on Wednesday (September 6), international oil prices held on to most of their overnight gains, with U.S. crude oil trading around $86.60 per barrel. Saudi Arabia led the expansion of the Organization of the Petroleum Exporting Countries and Russia. Allies (OPEC+), which have cut output from global markets by an additional 1 million barrels a day since July, were initially described as temporary measures. However, Saudi official media has extended the production reduction period until the end of September, and quoted the Energy Ministry as saying that the country will continue to maintain the 1 million barrels per day production reduction plan until the end of December. Russia will continue to reduce production by 300,000 barrels per day. Saudi Arabia said these voluntary supply cuts were intended to support stability and balance in the oil market. Continued production cuts have pushed oil prices to 10-month highs. Oil prices have risen as investors have understood that OPEC does not plan to increase supply anytime soon, and Saudi Arabia’s move to extend voluntary production cuts shows that OPEC members are more than happy to keep oil prices high for an extended period of time and are not interested in central bank concerns. Some analysts say higher oil prices are exacerbating inflation concerns, which could force the Federal Reserve to maintain its hawkish bias and keep interest rates higher. The U.S. dollar index has now risen above 104 points, reaching its highest level in six months. Meanwhile, bond yields remained near last week’s 15-year highs. Oil prices are now performing well during the year and if prices continue to rise, there will be an adverse base effect on the annual inflation rate. However, some analysts believe that OPEC should also be careful, because rising interest rates will increase the risk of a global recession, which will seriously curb oil demand.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the 88.3 first-line resistance at the top and the 85.8 first-line support at the bottom.
The execution of gold and crude oil trading must be carefully done, the above strategies are only recommended for reference.
