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Gold and crude oil opened lower. Today’s trend analysis and operation suggestions

June 17, news analysis: As the market continues to digest the better-than-expected US inflation data on Wednesday, prices rose 1.3%. As the market continues to digest the better-than-expected US inflation data on Wednesday, gold futures prices rose 1.3%. As the Federal Reserve lowered its expectations for the number of rate cuts this year, the US dollar index rose sharply on Thursday, which also put pressure on the market. Despite the weak US PPI, gold prices plummeted as the Federal Reserve predicted only one rate cut this year. In addition, the strengthening of the US dollar also hit gold prices. Despite the improvement in inflation, the Federal Reserve kept interest rates stable on Wednesday and expected only one rate cut in 2024 because economic growth and unemployment rates remain above the long-term sustainable levels considered by the Federal Reserve. High interest rates increase the opportunity cost of holding gold and reduce its attractiveness to investors.

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Technical analysis of gold: Last week, we talked about the bullish correction on Black Friday. The suggestion is in the 2300-2295 area. If it fails to touch the lower side, it will rebound. The highest point reaches 2337. In the US market, it will go back and forth in the 2324-2337 area, and finally close at 2332. In general, the idea is correct. Gold still rose in the case of a strong US dollar index, which shows that gold is currently in a strong area. It may rebound after a small correction next Monday. It is recommended to pay attention to the support below 2317-2322. If the support point is touched, you can try to go long. If it breaks 2310, stop loss and exit. Look for opportunities to enter the market near the lower support of 2300. If the upper side touches 2343-2347 first, you can try to rebound and short. The stop loss is recommended to be set at 2351. The specific strategy will be given before the market.

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News analysis: The price rose during the day and is expected to achieve the first weekly increase in a month. BMI, a research institute under Fitch, said in a report that this week’s performance was partly a correction to the sell-off after the OPEC+ meeting on June 2. The seasonal increase in consumption should push Brent crude oil prices above $80, in line with our expectation of an average of $85 per barrel this year.” BMI added that concerns about the economic outlook became a negative factor after the Federal Reserve hinted that it would only cut interest rates once this year.

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Technical analysis of crude oil: After the low of 75.34 last Monday, crude oil fluctuated upward and reached the highest point of 79.3. In the following days, it was reviewed with a range of about 10 points. Yesterday, it tried to break through the resistance area of ​​77.7 and closed with a negative line. Friday also closed with a positive line at 78.49. According to the market, the upper resistance of 79.4-78.4 and the lower support of 77.3-76.3 are currently difficult to break through. Next Monday, you can try to find an opportunity to enter the market at the resistance and support points; the specific strategy will be given in the market.

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