#Gate广场五月交易分享 Gold oscillating slightly higher, crude oil cautiously watch for bottoming rebound

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 increased the most since early 2022, combined with rising consumer inflation, market expectations for Fed rate cuts this year have basically vanished, and even began pricing in possible rate hikes next year.
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 also focuses on the meeting between the top leaders of China and the U.S.
On Thursday (May 14) during Asian trading hours, spot gold fluctuated narrowly and is 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) during Asian trading, the price remains near this moving average, showing signs of rejection on rallies, indicating persistent resistance above. The 2-hour EMA/SMA20 and 60-cycle moving averages continue to trend downward; Bollinger Bands' three lines are weakening simultaneously. The 4-hour timeframe also shows a similar bearish bias, suggesting that it’s not easy for gold to regain strength in the short term. Meanwhile, the bearish volume on the 2-hour chart continues to expand, implying 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 levels at 4717/4750 USD and support levels at 4660/4635 USD.
Gold evening trading suggestions:
Personal advice: Buy on dips around 4670±3, sell on rebounds around 4750±3, with each trade risking 15 USD, targeting 30/80 USD profit!
The above views are for reference only.
WTI Crude Oil:
News: Over the past two months, Middle East tensions have increased the risk of supply disruptions in the spot crude oil market. The spot premium soared wildly at times, with North Sea oil prices briefly 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 the U.S.-Iran situation remains unresolved, spot oil prices could rebound again.
Technical analysis: On Thursday (May 14), U.S. crude oil traded near $101.27 per barrel, up 0.28%. Recent intraday declines appear 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 important support from above its EMA50, which provides dynamic support and reinforces the stability and dominance of the main short-term bullish trend. If 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 oversold levels in an exaggerated manner, indicating the potential beginning of a positive divergence supporting a return of buying momentum.
Tonight, focus on resistance at 102.5/104.5 and 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, risking 1.0 point each, with targets of 3.0 USD per barrel!
Buy on dips around 100.0±3, sell on rebounds around 104.5±3, risking 1.0 point.
The above are personal opinions for reference only!