Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The peak travel season in the United States supports the demand for crude oil, leading to a decline in crude oil inventories [1]. - The ruling of the US International Trade Court on May 29 improved the market's expectations for the global economy and crude oil demand, causing crude oil prices to rebound. However, on May 30, the US Federal Court's decision to consider the government's appeal and keep the reciprocal tariffs in effect led to a drop in oil prices. Attention should be paid to the impact of the US policy fluctuations on crude oil [1]. 3. Data Summary Inventory Data - As of last week, US commercial crude oil inventories were 440.363 million barrels, a decrease of 2.795 million barrels (-0.63%) from the previous week; Cushing crude oil inventories were 23.51 million barrels, an increase of 75,000 barrels (0.32%); gasoline inventories were 223.081 million barrels, a decrease of 2.441 million barrels (-1.08%); distillate inventories were 103.408 million barrels, a decrease of 724,000 barrels (-0.70%); total oil product inventories were 1.222411 billion barrels, a decrease of 665,000 barrels (-0.05%); strategic petroleum reserve inventories were 401.313 million barrels, an increase of 820,000 barrels (0.20%) [1][2]. Production and Trade Data - The US refinery utilization rate was 90.2%, a decrease of 0.5 percentage points (-0.55%) from the previous week; crude oil production was 13.401 million barrels per day, an increase of 9,000 barrels per day (0.07%); crude oil imports were 6.351 million barrels per day, an increase of 262,000 barrels per day (4.30%); crude oil exports were 4.301 million barrels per day, an increase of 794,000 barrels per day (22.64%) [2].

Market Overview - The fluctuation of the US dollar index has a significant impact on gold prices, as gold is priced in dollars. The current dollar index trend has led to cautious investor sentiment towards gold, resulting in narrow price fluctuations [2] - Global economic data expectations also influence the gold market. Uncertainty regarding economic outlook leads to investor hesitation, affecting gold demand and causing a lack of clear upward or downward momentum in gold prices [2] - The direction of the Federal Reserve's monetary policy remains a key variable for the gold market. Divergence exists in market expectations regarding future interest rate decisions, leading to cautious investor behavior ahead of the May 8 Federal Reserve rate decision [2] Technical Analysis - Gold - The spot gold price opened at $3239.46 per ounce, experienced a strong intraday rise, reaching a high of $3337.46, and closed at $3333.96, indicating a bullish market trend [5] - On the daily chart, the closing price is significantly above the 20-day moving average, suggesting strong bullish momentum and opportunities for long positions [5] - The hourly chart indicates a departure from the bottom consolidation range, with a strong upward trend along the 20-day moving average, suggesting further upward potential [6] Technical Analysis - Silver - The silver price opened at $32.002, showing wide fluctuations and reaching a high of $32.669, closing at $32.473, indicating a bullish trend [8] - The closing price is back above the 20-day moving average, reinforcing a bullish outlook and opportunities for long positions [8] - The hourly chart shows silver returning to the high point of the consolidation range, with a need to observe if it can effectively break through the previous resistance level [8]