Gold: Gold prices have generally shown a downward trend in recent weeks after updating their all-time highs in April. However, after gold prices stabilized last week, the upside broke the previous pullback, indicating that gold prices have the opportunity to rise again.
Since mid-April, the US economic data has begun to soften, especially since the job market has slowed significantly. The market is concerned about whether the weakening of the U.S. economy and labor market can lead to lower inflation. If U.S. inflation falls, the Fed has the opportunity to start a rate cut cycle, and gold prices may benefit. If US inflation remains stubborn and the Fed will maintain current interest rates for longer, there is a better chance of a further correction in gold prices.
Technical: On the daily line, the market rose slightly on the previous trading day and closed with a small white line, indicating that the market is relatively strong. In terms of indicators, the market is still running above the 20-day moving average, and the bulls are still dominant. During the day, pay attention to the first-line pressure of $2372 above, and pay attention to the first-line support of $2334 below.
Gold price chart: Gold hourly chart
Crude oil: According to industry sources, the oil loading volume of Russia's western ports in May is expected to fall to 8.5 million tons from about 9.5 million barrels in April, basically in line with market expectations. While Russia's domestic oil plants have recovered from seasonal and unexpected shutdowns, their oil production is generally in line with Russia's commitment to OPEC. OPEC+ production remains relatively stable, which may be positive for oil prices.
However, as far as the entire crude oil market is concerned, the economic data of many countries, including the United States, have begun to weaken, and the risk premium of geopolitical friction is less than expected, and it is more likely that crude oil prices will be weak in the short term.
Technical: On the daily line, the market fell from the high level and closed in the negative line on the previous trading day, indicating that the short-term market is weak. However, the market has maintained a low level for many consecutive trading days, and it is expected to continue in the short term. During the day, pay attention to the first-line pressure of $79.11 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.