Analysis of the latest gold market trends:
Gold market news analysis for July 10th: In early Asian trading on Friday (Beijing time, July 10th), spot gold was trading near $4,122 per ounce. Gold prices rose on Thursday, with geopolitical risks providing safe-haven support. However, the primary short-term driver for gold remains Federal Reserve policy. Gold prices climbed over 1% on Thursday, with spot gold settling at $4,123.50 per ounce. This rise was mainly due to bargain-hunting following a drop to a one-week low the previous day, coupled with investors closely monitoring developments in the Middle East situation. After U.S. strikes on Iran's southern coastal and eastern provinces, the Iranian armed forces immediately launched attacks on U.S. military infrastructure near Gulf countries, putting pressure on a three-week-old ceasefire agreement. Geopolitical risks provided safe-haven support for gold.
Technical analysis of gold: From the current chart perspective, technically, the gold price rebounded to touch a two-day high of $4,138. Short-term bullish momentum has shown some recovery, but the overall trend remains bearish. This round of gains is merely a technical correction. For the bulls to reverse the downtrend and confirm an end to the decline, they must effectively break through the $4,190-$4,215 descending trend resistance zone. The current gold price faces significant resistance. Unless it stabilizes above $4,215, all rebounds should be viewed as corrective adjustments within a bearish market, and one should not blindly buy the dip expecting further gains. Once the price encounters resistance at higher levels and bullish momentum weakens, gold is likely to fall again to test lower support levels, with downside risks still present. Maintain caution in operations, waiting for the price to break through key resistance before switching to a bullish stance. Prior to a breakout, prioritize following the overall weak trend. It is not advisable to chase the rally blindly, as the market is likely to experience a pullback after rising. Operations should still primarily adopt a cautious approach of selling on rallies. For intraday short-term trading, it is suggested to watch the $4,138 resistance above. Below that level, expect further declines to the $4,085 or $4,060 areas. If the price breaks above the $4,138-$4,145 region, one can consider buying on dips. Key support below is focused around $4,020. Overall, for gold's intraday short-term trading strategy today, the primary recommendation is to buy on dips, with selling on rallies as a secondary approach. Key short-term resistance above is focused on the $4,150-$4,180 range, while key short-term support below is focused on the $4,090-$4,060 range.
Analysis of the latest crude oil market trends:
Crude oil market news analysis for July 10th: In early Asian trading on Friday (Beijing time, July 10th), oil prices fell over 4% on Thursday. U.S. crude oil is currently trading near $71.87 per barrel, due to efforts by multiple countries to mediate and cool U.S.-Iran tensions, with nuclear talks potentially restarting a new round, although the prospects for negotiations remain unclear. Oil prices closed down nearly 4% on Thursday. Brent crude fell 4.09% to settle at $76.03 per barrel, while U.S. crude fell 3.95% to settle at $71.81 per barrel. Despite both closing at their highest levels since mid-to-late June on Wednesday, the day's decline was mainly driven by investor concerns that rising inflation and other economic issues could weigh on global oil demand, overshadowing persistent supply risks.
Technical analysis of crude oil: From the daily chart perspective, the moving average system is gradually diverging downward, indicating the mid-term objective trend direction is entering a downtrend. The crude oil price has broken below the lower support boundary of a more than three-month consolidation period, with bearish momentum strengthening. It is expected that the mid-term crude oil trend will primarily follow a downward rhythm. The short-term (1-hour) crude oil trend shows a high-level consolidation followed by a decline. Breaking below the last low point (Dow point) of the previous uptrend signals a potential end to the upward phase. In terms of momentum, bearish momentum is gradually strengthening. It is expected that intraday crude oil movements will show further downside potential. Overall, for crude oil operations today, the primary strategy is recommended to be selling on rallies, with buying on dips as a secondary approach. Key short-term resistance above is focused on the $74.5-$75.5 range, while key short-term support below is focused on the $71.0-$70.0 range.
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