Regarding Gold:
On Wednesday evening (June 5), the US May ADP employment numbers were reported to have increased by 152,000, while the market expected an increase of 175,000. The previous value was an increase of 192,000. The reported data was below market expectations and the previous value, which is favorable for gold.
The US April JOLTs job openings also showed a significant decline, with the latest data falling from a revised 8.488 million in the previous month to 8.059 million. This may reflect poor demand for labor. Combined with previous weak Chicago PMI and initial jobless claims, market expectations for a Fed rate cut have risen, pushing up gold prices.
Technical Analysis: On the daily chart, the previous trading day saw a rebound from a low position and ended with a bullish candlestick, indicating a short-term bullish bias for gold prices. However, the market has been in a continuous consolidation for several trading days, and gold prices are expected to remain volatile before the non-farm payroll data is released. Watch for resistance at the $2365 level and support at the $2320 level during the day.
Regarding Crude Oil:
On Wednesday evening (June 5), the US EIA crude oil inventory data for the week ending May 31 was reported to have increased by 1.233 million barrels, while the market expected a decrease of 2.311 million barrels. The previous value was a decrease of 4.156 million barrels. The bearish data for oil prices suggests that the continuation of inventory builds in the US this week may limit the upward space for oil prices.
Saudi Aramco has lowered the official selling price of its Arab Light crude destined for Asia in July to a premium of $2.4 per barrel over the benchmark. This suggests that it does not have an optimistic outlook on future oil demand. The weak US job market and manufacturing data are also not conducive to a recovery in oil demand, potentially limiting the upward space for oil prices in the short term.
Technical Analysis: On the daily chart, after several trading days of weakening, the market stabilized with a bullish candlestick, indicating that there is still a chance for a short-term rebound in oil prices. However, the overall market is operating below the 20-day moving average, and there is still a risk of a downward trend for oil prices. In the day, watch for resistance at the $75.80 level and support at the $72.80 level.
Important Disclaimer: The above content and opinions are provided by the third-party cooperation platform Zhisheng for reference only and do not constitute any investment advice. Investors operate at their own risk based on this information.
