Analysis of gold news: Data released on Monday (April 1) showed that the U.S. ISM manufacturing PMI rose by 2.5 to 50.3 in March. Although it was just above the 50 threshold, the index ended its 16th consecutive month of contraction. The March index beat all expectations in a survey of economists by the agency. Procurement and supply management executives in the United States have recently expressed optimism. on the future of manufacturing. The stabilizing order growth reflects resilience in consumer demand and business investment and suggests companies are making progress in keeping inventory levels in line with sales. U.S. manufacturing activity unexpectedly expanded in March for the first time since September 2022, as production rebounded sharply, demand strengthened, and input costs climbed. The U.S. PCE price index released last Friday showed no unexpected rise, providing further impetus for gold prices to rise. This week the market will continue to focus on the U.S. non-farm payrolls report for more guidance. Gold prices climbed to a record high on Monday as softer U.S. inflation data further solidified expectations that the Federal Reserve will cut interest rates in June. Friday’s non-farm payrolls report is the highlight of the week. After the market’s eye-catching performance in the first quarter, a “soft landing with three interest rate cuts” seems to be a foregone conclusion for investors. As a result, the focus of this week’s slew of job market data is likely to fall on measures of wage pressures over which the Fed has little influence.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2263 first-line resistance at the top and the 2234 first-line support at the bottom.
Analysis of crude oil news: Oil price fluctuations were limited on Monday (April 1), maintaining the recent upward trend. Market expectations that OPEC’s production cuts will lead to tight supply, attacks on Russian refineries, and improving Chinese manufacturing data have all contributed to this. Brent crude oil futures are currently trading at $87.00 a barrel, unchanged from Friday’s settlement price. The contract rose 2.4% last week. U.S. crude oil futures edged up 0.1% to $83.18 per barrel, after rising 3.2% last week. up to 3.2%. Trading activity is expected to be relatively light on Monday, given that several countries are closed for the Easter holiday. The two crude oil benchmarks have maintained gains for the third consecutive month, with Brent crude holding above $85 since mid-March. Behind the rally is OPEC’s pledge to extend production cuts until the end of June, which could lead to tight crude supplies during the northern hemisphere summer.In addition, multiple Russian oil refineries were attacked by bombs, which is expected to reduce Russia’s fuel exports. Investors are also watching U.S. economic data closely for signs that the Federal Reserve may cut interest rates this year, which would support the global economy and oil demand. In terms of the situation in the Middle East, the Israeli military announced the killing of two senior Hamas leaders, and Israeli Prime Minister Netanyahu said that the Israel Defense Forces were ready to attack Rafah in southern Gaza. These news triggered market concerns about further escalation of tensions in the Middle East, supporting oil prices.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the first-line resistance of 84.9 at the top and the first-line support of 81.0 at the bottom.
Caution is required in operation and suggestions are provided for reference.
