Spot gold's daily chart reveals that the MACD bearish momentum bars continue to widen, with the fast and slow moving averages locked in a death cross descending. The RSI has retreated into the weak zone, establishing a clear bearish dominance. Ahead of the Federal Reserve's decision, a range-bound trading approach with high selling and low buying appears most prudent.
On the 4-hour timeframe, gold prices are following a downward trendline, with highs progressively lowering and lows continuously refreshing, forming a complete standard descending channel. At 20:30 tonight, US initial jobless claims and housing starts data will be released, potentially amplifying market volatility, while dense speeches from Federal Reserve officials will continue to stir market sentiment. Strict position control and stop-loss implementation are essential, avoiding heavy positions or holding against the trend. A rate decision, even if delivered, does not equate to a trend reversal, so maintaining a range-bound mindset until the market selects its direction is recommended. Key resistance levels sit at 4324 and 4355, while support is found at 4257 and 4235, with a preference for buying dips over selling rallies.
The GOLD pivot point is set at 4300 USD per ounce, with current quotes around the 4294 level. Aggressive traders may consider short positions at 4321/29, while conservative entries appear at 4344/57, with a defensive stop of 10 USD and a target of 4260, holding on a break. For long positions, aggressive entries are at 4257/47, conservative ones at 4238/28, same stop distance of 10 USD, targeting 4340, holding on a breakout. All the above views are for reference only, with strict risk management required in extreme market conditions.
WTI crude oil fell 3.21% to close at 102.43 USD per barrel yesterday, while Brent declined 2.69% to 105.83 USD. Domestic SC crude's main contract dipped 1.10% to 827 CNY per barrel. This morning, WTI is trading within the 101.9-102.3 USD range, while SC crude opened lower and weakened further, briefly approaching its limit-down before recovering somewhat, with quotes hovering at 816-817 CNY per barrel.
WTI's daily structure shows a rapid ascent from around 90 USD breaking above the 100 USD mark. The medium-term upward formation remains intact, but after consecutive pullbacks, short-term momentum has clearly weakened, with prices retreating notably from highs. On the 4-hour chart, after retreating from above 105 USD, MACD momentum shows signs of cooling, and the short-term bullish advantage is contracting, placing prices in a critical post-adjustment zone. Resistance levels are identified at 103.0 and 105.0, with support at 100.5 and 98.5, suggesting a preference for short positions with selective long opportunities.
The WTI pivot point stands at 103.0 USD per barrel, with the current price around 102.1. Aggressive traders can look for short entries at 103.0±0.2, conservative at 104.5±0.2, with a protective stop of 0.8 points and a target of 101.0, holding on a break. For longs, aggressive entries at 101.0±0.2, conservative at 98.5±0.2, with the same stop distance of 0.8 points, targeting 104.0, holding on a breakout. This content is provided for reference only and does not constitute investment advice, with investors bearing their own risks when acting on it.
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