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Fundamental Analysis:
At the beginning of crude oil trading on Friday (Month), oil prices fluctuated within a narrow range, with bullish and short factors intertwined in the oil market. U.S. oil is trading around USD/barrel, with an increase of approximately %. Brent oil is trading around USD/barrel, with a decrease of approximately %. U.S. gasoline inventories unexpectedly fell, and rising gasoline futures boosted oil prices. At the same time, the active production cuts by major oil-producing countries have also supported the rise in oil prices to a certain extent. However, factors such as a stronger U.S. dollar and a surge in U.S. crude oil inventories have put pressure on oil prices. The market needs to pay close attention to the upcoming monthly report and the report on the total number of U.S. oil rigs.
There was no major data or news on the market yesterday, and the market was still running along the trajectory of Wednesday. Previously, because of the confusing bullish and bearish signals in the inventory report, for example, high crude oil imports may mean that the use of crude oil produced in the United States has decreased, which has pushed up crude oil inventories. Driven by rising demand, this is another bullish signal, so oil prices have gone out of the upward trend after volatility.
Ji Zilin’s public account believes that the market’s understanding of the rise in crude oil inventories has gradually become more optimistic. The increase in U.S. crude oil inventories has recorded the second highest increase on record, but this may be the legacy of the high global crude oil production in the fourth quarter of last year. OPEC's production cuts are expected to limit U.S. crude oil imports starting next month, when U.S. crude inventories will also fall.
Technical Analysis of Crude Oil:
The continued high and volatile trend is completely in line with what yesterday’s gold commentary said. From a technical point of view, it is not time for an upward breakthrough. In the short term, we are optimistic about short-term adjustments. The pressure above is strong, and in the absence of major news stimulation, it is basically impossible for crude oil bulls to break through upward, so they are just waiting to add fuel to the fire!
In the short term, first look at the trend of the Asian and European market. If it stabilizes and breaks upward, it is expected to hit the upper side and the weak side runs below. Then the probability of shock and fall is greater. Looking downward, the shock will decline. , I won’t say too much today, I will focus on the Asian and European market, and the specific layout will be given by Ji Zilin’s actual market!
Crude oil operation strategy:
Go long if it breaks above, stop loss, target
If it does not break, go short below when it is weak, stop loss, target
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Gold technical analysis:
Yesterday, spot gold opened low in early trading and the market fluctuated in a range. After the market reached its highest position in the European trading session at the end of the European trading session, the market encountered resistance and began to fall. , the market rose strongly after reaching a position near , the market was disturbed by the fundamentals of the US market, and the market fell back strongly. After falling below the position of , the market began to consolidate after reaching the lowest position, and finally the daily line closed at the position of . Finally, the daily line ends with a large negative line with upper and lower shadow lines that are basically the same length. After such a large negative line ends, the daily line completes the technical form of yin and yang. Today's market rebounded and went short. Today's market is bearish at first, but if it falls back first, you can consider taking long orders if the lows are given.
Gold operation strategy:
If the gold price falls back to a long position, stop the loss, and look for the target at the top.
If the gold price rises to a short position nearby, stop the loss, and look at the bottom position. The goal is to see a draw.
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