Gold: U.S. inflation is still at a relatively high level, and most Fed officials expect to need to maintain restrictive policies for a longer period of time to reduce inflation, and it will still have to wait before the Fed cuts interest rates for the first time. The Fed vice chair said it was appropriate to maintain the current level of interest rates, and short-term gold prices remained under pressure.
However, the previous Fed decision hinted that it would not continue to raise interest rates, and the recently released US economic data began to weaken; The breakdown of negotiations on a ceasefire agreement in Gaza has revived risk aversion and gold prices have the potential to move higher.
Technical: On the daily line, the market fell from the high level and closed in the negative line on the previous trading day, and we are wary of further downside risks in the short term. However, the market is still running above the 20-day moving average, and it is not advisable to be overly bearish before breaking below the 20-day moving average. During the day, pay attention to the first-line pressure of $2360 above, and the first-line support of $2330 below.
Gold price chart: Gold hourly chart
Crude oil: On the supply side, OPEC+ maintained a voluntary production cut agreement. U.S. crude oil production was 13.1 million b/d and its active rig count was 496, down seven rigs from last week, meaning that U.S. crude oil production is likely to decline slightly.
On the demand side, U.S. refineries processed 15.948 million b/d, up 307,000 b/d from a week ago, indicating a slight improvement in demand. However, recent U.S. economic data has weakened, alerting to the risk of falling demand for U.S. crude oil weighing on oil prices.
In terms of inventories, U.S. crude oil inventories in the week ended May 3 were 827 million barrels, down slightly from a week ago, although strategic inventories and crude oil inventories in the Cushing area are still increasing, which is not conducive to higher oil prices in the short term.
Technicals: On the daily line, the market rebounded from the low level and closed the positive line on the previous trading day, showing that there is some support below. However, the market is still running below the 20-day moving average, and it is not advisable to be overly bullish before breaking above the 20-day moving average. In the short term, oil prices remain relatively low, and there is a greater chance of shock adjustment. 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.