Gold Market Update –
On Tuesday, July 22nd, the benchmark 10-year U.S. Treasury yield closed at 4.629%, while the more policy-sensitive 2-year yield finished at 4.278%. Spot gold prices climbed steadily throughout the day, briefly surpassing the $4,080 level, and ultimately settled with a gain of 1.73% at $4,077.84 per ounce. Spot silver closed sharply higher, up 4.18% at $58.76 per ounce. International oil prices surged over 2%, reaching a near five-week high, driven by two oil tankers carrying Saudi crude to Asia altering their course in the Red Sea due to Houthi threats, alongside a tenth consecutive night of U.S. military strikes against Iranian targets. WTI crude began its ascent before the U.S. session, closing up 2.53% at $85.01 per barrel, while Brent crude finished 2.12% higher at $89.35 per barrel.
Latest Gold Price Action
In yesterday's session, the gold market opened slightly higher at $4,010 per ounce before pulling back to fill the gap, touching a daily low of $3,998.8. Subsequently, fueled by expectations of easing geopolitical tensions, the price rallied strongly to a daily peak of $4,087.3 before consolidating. The session concluded at $4,077.5, forming a large bullish candlestick with small shadows. This closing pattern indicates a successful breakout above near-term resistance, suggesting the uptrend may continue today. In summary, the bearish momentum has not persisted; instead, signs of a continued upward breakout have emerged. The focus today is on whether this advance will be sustained. The trading strategy prioritizes entering long positions on pullbacks, with short positions as a secondary approach. Key resistance levels to watch are $4,136-$4,200, while support is seen at $4,070-$4,040.
Latest Crude Oil Price Action
The U.S. crude oil market opened yesterday at $82.97 per barrel, dipped to an initial low of $81.79, and then embarked on a strong rally to a daily high of $85.5 before settling at $84.94. The daily candlestick formed a medium-sized bullish candle with a longer lower shadow than upper shadow. This closing structure suggests the bullish trend in crude oil is likely to extend. In summary, the anticipated long positions in oil materialized with a bullish advance. Today's focus remains on the continuation of upward momentum. The trading approach favors initiating long positions on dips, with short positions as a secondary tactic. Resistance is anticipated at $87.2-$90.0, with support levels at $83.2-$81.0.
Latest Nasdaq Index Price Action
The Nasdaq market opened yesterday at 28,608.26, initially declined to a daily low of 28,514.62, then staged a powerful rally to a high of 29,180.83 before closing at 29,097.88. The session formed a large bullish candlestick with equal upper and lower shadows. This pattern signals a return of bullish sentiment, although significant overhead resistance remains a key test. In summary, after testing the lower boundary of a triangular consolidation pattern around the 28,200 area for the second time, the Nasdaq rebounded upwards, potentially indicating a halt to the decline and a reversal. However, the resistance above cannot be ignored. Today's strategy leans towards establishing long positions on pullbacks, with short positions as a secondary consideration. Resistance is eyed at 29,350-29,860, while support lies at 29,020-28,700.
Comments