Analysis of gold news: On Thursday (September 7), data released showed that the number of people applying for unemployment benefits for the first time decreased by 13,000 to 216,000 in the week ending September 2, which was the same as on February 11, 2023. A new low for the week. The number of people continuing to claim unemployment benefits fell to 1.68 million in the week ending August 26. Jobless claims rose earlier this year as companies in the technology, financial and real estate sectors laid off workers, but they remain at historically low levels even as interest rates are also rising. The number of people filing for unemployment benefits in the United States fell to the lowest level since February, underscoring the reluctance of companies to lay off workers. Even as the labor market weakened, it proved crucial in supporting the economy. Steady hiring and limited layoffs are providing consumers with the wherewithal to keep spending, bolstering optimism that the U.S. can avoid a recession. After the data was released, spot gold fell by $4 in the short term, now trading at $1,920.30 per ounce. Gold prices showed little movement on Thursday as the dollar strengthened and Treasury yields came under pressure, with signs of sticky inflation adding to concerns that the Federal Reserve will maintain its hawkish rhetoric. Preliminary U.S. data also showed some resilience in the U.S. economy, further undermining safe-haven demand for gold amid growing bets that the U.S. will avoid a recession this year. But U.S. interest rates remain a key focus for the gold market, with the Federal Reserve due to deliver a series of speeches ahead of a rate decision later this month. Markets are all but certain the Fed will keep rates on hold at its September meeting, but are still betting on a 43 percent chance of a rate hike by 2024, according to CME Group’s FedWatch tool.
Today’s gold strategy: It is suggested that the callback should be low and mostly, and the rebound should be supplemented by high altitude. The upper part should focus on the first-line resistance of 1935, and the lower part should focus on the first-line support of 1910.
Analysis of crude oil news: U.S. crude oil fell slightly on Thursday (September 7) as investors digested the news that OPEC leaders Saudi Arabia and Russia decided to extend supply restrictions until the end of this year. Oil prices closed at a high in more than nine months. point. Saudi Arabia and Russia’s strategy is aimed at further depleting inventories, and this is being felt across the oil market. The December-December spread for West Texas Intermediate crude, favored by oil hedge funds, rose to its widest level since late 2022. Judging from the relative strength index on the 14th, crude oil is still issuing overbought warnings, increasing the risk of a correction. Oil prices have risen sharply this quarter after OPEC and its allies introduced group-wide production cuts, followed by additional voluntary cuts. According to a report, Goldman Sachs Group Inc. said OPEC’s move poses a bullish risk to its price outlook. Goldman Sachs analysts outlined several possible scenarios, including one in which Brent crude prices would expand above $100 a barrel, although they stressed that this was not the base case.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by callbacks from lows and multiples. Focus on the first-line resistance at 84.5 at the top and first-line support at 87.1 at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are only recommended for reference.
