Gold: The U.S. non-farm payrolls and other job market data released at the beginning of the month were relatively weak, indicating that the U.S. job market began to weaken, and the Federal Reserve may cut interest rates early in the context of the deterioration of the labor market, which is conducive to pushing gold prices higher.
The recently released preliminary U.S. consumer confidence at the University of Michigan in May recorded 67.4, lower than the market expectation of 76 and the previous value of 77.2, the American people are more pessimistic about the future economic outlook, the inflation level is still at a high level, the risk of the U.S. economy falling into stagflation is rising, which will be conducive to higher gold prices in the short term.
Technical: On the daily line, the market rose and closed on the previous trading day, indicating that the recent gold price is relatively strong. In terms of indicators, the market has effectively stood above the 20-day moving average, and it is expected to remain strong in the short term. During the day, pay attention to the first-line pressure of $2390 above, and the first-line support of $2348 below.
Gold price chart: Gold hourly chart
Crude oil: U.S. oil shipments to Europe will rebound to at least 2.1 million b/d in the first 23 days of the month, up a third from the April average, tanker tracking data compiled by Bloomberg showed. Increased U.S. crude oil exports will undoubtedly be detrimental to further higher oil prices.
In the current situation that both ends of supply and demand are weak, although geopolitical frictions have not completely cooled down, but the overall restraint, short-term crude oil prices tend to decline as a whole, if geopolitical conflicts are eased, such as Israel or Ukraine ceasefire, then crude oil prices may fall significantly.
At the same time, investors need to be wary of the risk that the U.S. government will use crude oil reserves to suppress crude oil prices in order to curb inflation in the United States in the context of the U.S. election.
Technicals: On the daily line, the market rose and fell on the previous trading day, and the short-term was weak. In terms of indicators, the market rebound met resistance at the 20-day moving average, and we are wary of short-term further downside risks. Pay attention to the first-line pressure of $80 above and the first-line support of $77 below.
Crude Oil Price Chart: Crude Oil Hourly Chart
Important Notice: The above content and views are provided by the think tank of the third-party cooperation platform and are for reference only and do not constitute any investment advice.