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Citi: If no US-Iran agreement is reached, or even if the situation escalates (for example, by limiting Irans nuclear program), oil prices could rise back above $70.Futures news on May 8: 1. The trading volume of WTI crude oil futures was 877,309 lots, a decrease of 182,117 lots from the previous trading day. The open interest was 1,964,398 lots, a decrease of 17,868 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 198,722 lots, a decrease of 37,620 lots from the previous trading day. The open interest was 180,703 lots, an increase of 4,696 lots from the previous trading day. 3. The trading volume of natural gas futures was 543,677 lots, a decrease of 15,626 lots from the previous trading day. The open interest was 1,511,351 lots, an increase of 489 lots from the previous trading day.Futures News on May 8: Affected by crude oil, the transaction volume of local refinery gasoline and diesel shipping market cooled down in April, with new orders of 625,000 tons in the month, a decrease of 22.67% from the previous month. In May, the crude oil market may maintain a weak consolidation trend, and it is difficult to provide a bullish guidance for the shipping market. After the holiday, the demand for gasoline and diesel returned to light, and the demand for large orders from the main units and traders may weaken. Although there is rigid demand in the market, the purchase is mostly cost-pressured. It is expected that the transaction volume in the shipping market in May may be light. At present, the intended price of 92# gasoline is at the level of 7,300-7,350 yuan/ton, and the intended price of diesel is around 6,350 yuan/ton. There is an expectation of a decline in the later period, but the range is limited.On May 8, local time, Israeli Defense Minister Katz warned the Houthis in Yemen that if the Houthis continue to fire at Israel, "they will suffer a heavy blow from Israel." He said that the Israel Defense Forces are ready and "capable of resisting any threat or enemy alone." In addition, he also warned Iran that everything Israel has done to Lebanon, the Gaza Strip, Syria and Yemen "will also be implemented in Tehran."Futures News May 8, Economies.com analysts latest view today: Spot gold prices have risen sharply in recent intraday trading, supported by positive signals from the relative strength index (RSI). After hitting the oversold level, a positive divergence was formed, which strengthened the upward momentum, and the price has stabilized above the main resistance level of 3400. The technical performance shows certain signs of rebound, and investors should pay attention to whether the key resistance level can be continuously broken in the future to confirm the medium-term upward trend.

Gold Price Prediction: XAU/USD tests $1,880 as the US Dollar retreats in advance of Fed Chair Powell's speech

Daniel Rogers

Feb 07, 2023 15:38

 截屏2022-06-07 下午5.15.00.png

 

During early Tuesday trading, the gold price (XAU/USD) gains bids to retest the intraday high near $1,876 while printing a two-day rise.

 

In doing so, the precious metal extends its recovery from a monthly low at the start of the week, as the US Dollar's weakness combines with cautious optimism in the market to favor XAU/USD bulls. However, apprehension in front of Federal Reserve Chairman Jerome Powell and US President Joe Biden's State of the Union (SOTU) remarks appears to be challenging metal buyers recently.

 

The modestly optimistic feeling could be attributed to Treasury Secretary Janet Yellen and President Joe Biden's remarks that pushed back US recession fears. In a similar vein, US President Joe Biden's remarks that "the balloon incident did not damage US-China relations" appeared to allay Sino-American concerns.

 

On the other hand, hawkish Fed comments appear to support US Treasury bond yields and the US Dollar. In an interview with Bloomberg, Federal Reserve Bank of Atlanta President Raphael Bostic stated, "The robust job market presumably suggests 'we have a bit more work to do.'" Notably, the stronger US jobs report and activity statistics for January rekindled the Fed's hawkish stance last Friday, but a lack of directions appeared to test the USD bulls subsequently.

 

In this environment, S&P 500 Futures post modest gains, as US Treasury bond rates struggle to extend their two-day recovery from the monthly low. Observe that the US Dollar Index (DXY) has likewise retreated from the one-month peak it reached the day before amid lackluster market conditions.

 

Gold traders should focus on Fed Chair Powell's ability to compliment the most recent good US data as well as US President Biden's State of the Union address.


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