Market data from August 28 showed the benchmark 10-year U.S. Treasury yield rose 3.2 basis points to 4.681%, while the policy-sensitive 2-year yield climbed 2.4 basis points to 4.244%. Spot gold began its session with a decline during Asian trading hours, slipping to an intraday low of $4,565.19 per ounce before erasing all losses and climbing back above the $4,600 mark, ultimately closing 0.16% higher at $4,601.63 per ounce. Meanwhile, spot silver advanced 1.68% to settle at $69.26 per ounce.
Crude oil gained nearly 2% intraday following U.S. media reports indicating that Trump had shown no interest in reviving the June U.S.-Iran agreement. WTI crude dipped toward $80 during European hours but subsequently recovered with choppy momentum, accelerating upward in the U.S. session to close 1.87% higher at $82.95 per barrel. Brent crude finished the day up 2.19% at $88.26 per barrel.
Gold's Latest Price Action
Gold opened the prior session at $4,640.10 per ounce, initially ticking up to $4,643.20 before facing significant selling pressure that drove a sharp decline. The daily low printed at $4,564.60, though late-session buying lifted prices back up, with the daily close settling at $4,601.00. The resulting candlestick displayed a longer upper shadow than lower shadow, forming a doji pattern that suggests the market requires further testing of key levels.
Looking at the broader technical picture, gold continues its elevated consolidation phase. Sellers currently hold the upper hand as the primary driver, with indications pointing toward additional tests of support levels. Today's strategy leans toward selling on rebounds as the primary approach, with buying on dips as a secondary tactic. Key resistance lies above at the $4,620-$4,685 zone, while support rests below at the $4,545-$4,500 area.
Crude Oil's Latest Price Action
The U.S. crude market opened the prior session at $82.48 per barrel, initially retreating to a daily low of $81.11 before staging a strong recovery. Prices surged to an intraday high of $84.72, then consolidated to close at $83.96. The daily candlestick formed a medium bullish bar with a longer lower shadow, indicating that crude may be establishing a firmer footing for further consolidation.
In summary, the pullback in crude oil has shown renewed signs of stabilization, raising the probability of another upward attempt. Today's trading approach favors placing long positions on pullbacks as the primary tactic, with selling into strength as a secondary option. Upside resistance is observed at the $87.50-$90.00 range, while downside support sits at the $82.60-$81.50 zone.
Nasdaq Index's Latest Price Action
The Nasdaq gapped higher to open at 29,457.34, advanced to 29,587.92, then faced aggressive selling that pushed prices to a daily low of 29,328.99. Late-session buying drove a rebound to the session high of 29,640.38 before consolidation, with the index closing at 29,557.96. The daily chart printed a medium bullish candlestick with a longer lower shadow, suggesting the index continues its upward grind within a consolidative range.
Overall, the Nasdaq's oscillating recovery shows signs of establishing a base, with growing potential for further upside tests. Today's plan calls for building long positions on dips as the primary strategy, supplemented by selling into rallies. Resistance above is identified at the 29,750-30,000 zone, while support below rests at the 29,300-29,100 area.
This content is provided for informational purposes only and does not constitute investment advice. Investors should make their own decisions and bear the associated risks.
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