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Analysis of the latest market trends of gold and crude oil fluctuating on May 2 and the operation suggestions for closing today on Friday
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: Analysis of the latest market trends of gold crude oil fluctuating up on May 2 and the final operation suggestions for today's Friday". Hope it will be helpful to you! The original content is as follows:
The latest trend analysis of gold market trends:
On May 2, gold news analysis: On Thursday (May 1), spot gold expanded to $3,201/ounce during the trading session, mainly affected by the resonance of multiple negative factors: The US dollar index rebounded to a high of 104.88 due to the hawkish stance of the Federal Reserve, suppressing the attractiveness of gold denomination; The situation in the Middle East eased and the US passed the military aid bill to weaken the demand for safe-haven; The Dow Jones Industrial Average soared by more than 1,000 points in a single day, triggering funds to turn to risky assets; The technical overbought (RSI reaches 75) triggered programmatic selling, and the stampede of leveraged funds intensified volatility; in addition, Trump released a signal to lower tariffs on China, alleviating trade tensions, further weakening gold's safe-haven attributes. The real focus of the market has turned to tomorrow's non-agricultural data. If the non-farm data confirms that the labor market is weak, gold may stop falling and rebound, and the US dollar and US Treasury yields may continue to be under pressure; on the contrary, strong non-farm data may revive the confidence of the US dollar, and gold needs to be vigilant about the risk of a pullback.
Gold technical analysis: Judging from yesterday's trend, Asian and European sessions have fallen one after another, and the US session is expected to continue this decline. The layout of the US market needs to keep a close eye on the rebound range of the European session. The starting point of the European session is 3236, and the highest point of the afternoon rebound is 3243, which is a watershed between long and shorts. As long as the point does not break, the main theme of high altitude will be in the evening. After gold broke the bottom yesterday, it fell all the way, and there was basically no rebound. Gold is still in a bearish trend now, and the US market rebounds still continue to be short.
The gold 1-hour moving average continues to penetrate downward to form a dead cross pattern, and the bear space is further opened. Yesterday, when the US market rebounded for favorable data, gold only rebounded to 3233.The nearby line fell directly, and gold rebounded 3253 to continue to rise at a high level. It is light and messy against the trend. Gold is still a short trend now. The rebound is a chance to give short. Overall, today's short-term operation ideas for gold today recommends that rebound short selling be the main focus, and pullback longing be the auxiliary focus. The short-term focus above focuses on the resistance of 3255-3265 on the first line, and the short-term focus below focuses on the support of 3210-3210 on the first line.
The latest market trend analysis of crude oil:
Crude oil news analysis: During the US session on Thursday, the latest data showed that Brent crude oil prices continued to fall slightly to $63.16. According to market research, Trump's continued unpredictable taxation strategies on imported goods has caused the market to expect the global economy to fall into recession this year. Asian countries have been affected by uncertainty in tariffs and have also taken countermeasures against U.S. goods, aggravated trade concerns between the world's top two crude oil consumers. The recent downward trend in crude oil prices reflects the market's dual concerns about the macroeconomic outlook and energy demand. The uncertainty of Trump's tariff policy has not only disrupted global supply chains, but also affected investors' confidence in long-term energy demand. Against the backdrop of growth in crude oil inventories and possible increase in OPEC+, oil prices may face continued downward pressure in the short term unless there are clear signs of easing trade or signs of recovery in demand.
Crude oil news analysis: From the daily chart level, the medium-term trend moving average system is arranged downward, and the medium-term objective trend direction is downward. After the oil price hits a low of 55.20, the frequent alternation of bulls and bears formed will accumulate momentum for shorts in the medium term and are expected to further decline to the 50 position in the later period. The short-term (1H) trend of crude oil has been declining continuously, and oil prices have continued to hit lows. The moving average system is divergently arranged downward, and the short-term objective trend direction is downward. In the early trading, oil prices hit around 60. From the perspective of the downward action, there was no strong rebound. Overall bear momentum still has the advantage, and it is expected that the crude oil trend will continue to decline in the day. Overall, the operational thinking of crude oil today recommends that it mainly rebound high altitude and lower long as the supplement. The short-term focus on the 60.0-61.0 line resistance above, and the short-term focus on the 57.5-56.5 line support below.
The above content is all about "[XM Foreign Exchange Market Analysis]: Analysis of the latest market trends of gold and crude oil fluctuating on May 2 and the operation suggestions for closing today's Friday". It was carefully xmserving.compiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your trading! Thanks for the support!
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