#Gate广场五月交易分享 Gold oscillating mainly upward, be cautious of bottoming rebound in crude oil

Spot Gold:
News: Gold prices have been fluctuating for the second consecutive trading day with slight declines. On Wednesday (May 13), spot gold closed slightly lower at $4,688.71 per ounce, down about 0.56%. The U.S. April Producer Price Index (PPI) increased at the fastest rate since early 2022, combined with rising consumer inflation, market expectations for Fed rate cuts this year have basically vanished, and even expectations for rate hikes next year have begun to be priced in.
India has raised gold import tariffs from 6% to 15%, further suppressing demand. A strong dollar, rising U.S. Treasury yields, and the attraction of stock market funds together exert pressure on gold. The market is also focusing on the meeting between the top leaders of China and the U.S.
On Thursday (May 14) morning in Asia, spot gold fluctuated within a narrow range, currently trading around $4,700 per ounce.
Technical analysis: From a technical perspective, since early Wednesday U.S. trading, gold has repeatedly faced resistance at the 2-hour MA60 cycle line (around 4709). As of today (May 14) in Asian trading, the price is still bouncing near this moving average, indicating persistent resistance above. The 2-hour EMA/SMA20 and 60 cycle moving averages continue to trend downward; the Bollinger Bands' three lines are weakening in sync. The 4-hour timeframe also shows a similar bearish bias, suggesting that it is not easy for gold to regain strength in the short term. Meanwhile, the bearish volume on the 2-hour chart continues to expand, indicating that the current pullback pressure has not yet ended. The first short-term resistance remains at 4717; until a clear breakout occurs, the market remains volatile and weak.
Tonight, focus on resistance at 4717/4750 USD, and support at 4660/4635 USD.
Gold evening trading suggestions:
Personal advice: Buy on dips around 4670±3, sell on rebounds around 4750±3, with a 15 USD stop-loss and targets of 30/80 USD!
The above views are for reference only.
WTI Crude Oil:
News: Over the past two months, disruptions in the Middle East have increased the risk of supply interruptions in the spot crude oil market. The spot premium soared wildly at times, with North Sea oil prices temporarily surpassing the 2008 highs.
As buyers actively control volume, draw down inventories, release strategic reserves, and supplement non-Middle Eastern sources, spot oil prices have sharply retreated from highs, and the spread has returned to normal ranges. However, Standard Chartered Bank warns that the current cooling in spot prices is only a short-term buffer. Once inventory replenishment demand is released, refineries resume operations, and if there is no resolution to the US-Iran situation, spot oil prices will rebound again.
Technical analysis: On Thursday (May 14), U.S. crude oil traded near $101.27 per barrel, up 0.28%. Recent intraday declines in oil prices seem to be a temporary technical adjustment aimed at gaining new positive momentum to help prices recover and continue upward in the near future. The price has received significant support from trading above its EMA50, which provides dynamic support and reinforces the stability and dominance of the main short-term bullish trend. As long as the price remains above this moving average, the outlook remains positive. The recovery prospects are also increasing, as the Relative Strength Index (RSI) has reached severely oversold levels in an exaggerated manner relative to price movement, indicating the potential start of a positive divergence supporting a return of buying momentum.
Tonight, focus on resistance at 102.5/104.5, support at 99.4/98.4.
Crude oil evening trading suggestions:
Buy on dips around 100.0±3, sell on rebounds around 104.5±3, with a 1.0 point stop-loss and targets of 3.0 USD per barrel!
Buy on dips around 100.0±3, sell on rebounds around 104.5±3, with a 1.0 point stop-loss.
The above are personal opinions and for reference only!