Regarding Gold:
Chicago Fed President Goolsbee expressed hope that the Fed would be slightly more confident about inflation, warning that prolonged restrictive policies could suppress the economy. If economic growth pressures become the market's focus, the Fed might be close to cutting rates.
In June, both the S&P Global Manufacturing and Services PMI data surpassed expectations, with the services index reaching a three-month high and manufacturing a 26-month high. Additionally, the overall tone of the Fed officials' public comments leaned towards a moderate hawkish stance, which supported the dollar index. However, the dollar index's high-level adjustment is not conducive to gold prices rising.
Technical Analysis: On the daily chart, the market slightly rose and closed with a small positive candle in the previous trading day, indicating some support below. However, the 20-day and 62-day moving averages are flattening, suggesting a higher chance of continued short-term oscillation. Intraday, watch the resistance at the $2340 level above and the support at the $2300 level below.
Regarding Crude Oil:
Brazil's crude oil production was 3.73 million barrels at the beginning of this year, but daily output once fell by 25% due to maintenance and equipment replacement at offshore platforms. However, more than a third of the supply disruption has currently recovered. These additional recovered oil supplies might hinder OPEC+'s efforts to support oil prices through production cuts, temporarily limiting the upward space for oil prices.
Ukrainian President Zelensky stated that Ukraine attacked more than 30 Russian refineries, terminals, and oil storage facilities. Moreover, two U.S. officials indicated that the U.S. is expected to announce an additional $150 million in urgently needed military supplies to Ukraine on Tuesday. If Ukraine targets Russian refining facilities, crude oil prices could still rise.
Technical Analysis: On the daily chart, the market rose and closed with a positive candle in the previous trading day, indicating a strong market. Technically, the market is still running above the 20-day moving average, with bulls still in advantage. For the day, watch the resistance at the $83 level above and the support at the $80 level below.
【Important Statement: The above content and opinions are provided by our third-party partner ZhiSheng for reference only and do not constitute any investment advice. Investors operate at their own risk based on this information.】
