Market data from Thursday, July 31, showed the benchmark 10-year US Treasury yield closing at 4.677%, while the policy-sensitive 2-year yield settled at 4.256%. Supported by a weaker US dollar, spot gold closed above the $4,100 mark for the first time in a week, ultimately finishing 0.92% higher at $4,103.84 per ounce. Spot silver regained the $59 level, closing 2.35% higher at $59.01 per ounce.
International crude oil traded in a sideways consolidation pattern, with Pakistan indicating that the US and Iran are still negotiating over the Strait of Hormuz issue. WTI crude opened lower and fluctuated within a range, closing 1.13% lower at $82.65 per barrel. Brent crude briefly touched the $89 mark before retreating, ending the session 1.18% lower at $86.87 per barrel.
Gold's Latest Market Trend
Gold opened at $4,067.5 per ounce on Thursday. The price initially rose to $4,100.3 per ounce before experiencing a sharp decline to a daily low of $4,027.8 per ounce. A subsequent rally pushed prices to a session high of $4,120.4 per ounce during US trading hours. After consolidation, the daily candlestick closed as a medium bullish candle with a long lower wick at $4,103.2 per ounce. This closing pattern indicates that gold remains within a sideways consolidation range.
In summary, gold has been trading in a low-range consolidation pattern without a breakout. Today's focus will be on whether this range can be broken. The trading strategy should consider selling into strength and buying on dips. Key resistance levels are $4,120 to $4,167 per ounce, while support is found between $4,050 and $4,000 per ounce.
Crude Oil's Latest Market Trend
US crude oil opened at $84.97 per barrel on Thursday. The price initially fell to $83.48 per barrel before staging a sharp rally to a daily high of $86.25 per barrel. Prices then experienced a second decline to a session low of $83.22 per barrel before consolidating. The daily candlestick closed at $84.17 per barrel as a spinning top formation with a slightly longer upper wick. This pattern suggests there is a probability of renewed downward pressure on oil prices.
In summary, crude oil prices have shown a decline followed by a rally this week. After touching the $86.0 level, resistance emerged. If prices cannot sustain a breakout above this level today, bearish momentum is likely to continue. The strategy should prioritize selling into rallies with buying on dips as a secondary approach. Key resistance lies at $86.0 to $88.0 per barrel, while support is seen at $81.4 to $80.0 per barrel.
NASDAQ Index's Latest Market Trend
The NASDAQ index opened at 27,082.89 on Thursday. After a slight pullback to 27,078.69, prices rallied strongly to a session high of 28,258.58. The index consolidated and closed at 28,185.9, forming a large bullish candlestick with a long upper wick. This pattern, resembling a "dragon pulling up a tree," indicates a high probability of further upside.
In summary, the NASDAQ's bullish trend has experienced a powerful rally, altering the short-term trajectory. However, resistance levels above remain noteworthy. Today's strategy should prioritize buying on pullbacks with selling into strength as a secondary approach. Key resistance levels are 28,600 to 28,790, while support is seen at 28,100 to 27,750.
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