Gold Market Update
On July 20th, the previous Friday, the benchmark 10-year U.S. Treasury yield closed at 4.550%, while the policy-sensitive 2-year yield finished the session at 4.183%. Spot gold climbed back above the $4,000 mark, reaching a daily peak of $4,023.72, and ultimately closed up 1.01% at $4,016.55 per ounce. Spot silver concluded the day with a 0.74% gain, settling at $55.91 per ounce. International crude oil prices surged significantly due to escalating attacks by the U.S. and Iran in the Gulf region, coupled with restricted traffic in the Strait of Hormuz and threats of a potential Red Sea closure impacting shipping. WTI crude oil climbed steadily throughout the day, moving back above $80, and ended the session with a 3.61% increase to $82.33 per barrel. Brent crude oil finished up 3.13% at $86.75 per barrel.
Latest Gold Price Action
Last week, the gold market opened slightly lower at $4,098.3 per ounce, briefly filled the gap to reach a weekly high of $4,104, and then experienced a sharp decline. Although a secondary weekly high was attempted on Tuesday, the market continued its downward trajectory influenced by fundamental geopolitical factors, eventually hitting a weekly low of $3,959.5 per ounce. A late-session rally ensued, and gold closed the week at $4,016.5 per ounce. The weekly candlestick formed a long-lower-shadow bearish candle, suggesting a high probability of further downward pressure following this pattern. In summary, after a period of choppy rebound, gold experienced another gap-down opening last week, further indicating a high likelihood of renewed selling pressure. For today's trading, the primary strategy is to consider selling on rallies, with buying on dips as a secondary, short-term tactic. Key resistance levels to watch are $4,020-$4,060, while support levels are at $3,960-$3,900.
Latest Crude Oil Price Action
The U.S. crude oil market opened higher last week at $73.38 per barrel, initially dipped to a low of $72.65, and then staged a strong rally to a weekly peak of $82.56. After some consolidation, it closed the week at $82.24. The weekly candlestick formed a bullish candle with a relatively long lower shadow, presenting a strong bullish signal upon this pattern's completion. In summary, the upward momentum in crude oil has been robust, with a high probability of continuation. For today's trading, the primary strategy is to consider buying on pullbacks, with selling on rallies as a secondary, short-term tactic. Key resistance levels to watch are $84.6-$85.8, while support levels are at $82.0-$80.8.
Latest Nasdaq Index Price Action
The Nasdaq market opened lower last week at 29,717.58 points, initially declined to 29,085.45, then staged a strong rally to a weekly high of 29,859.55. Subsequently, it experienced a sharp sell-off, dropping to a weekly low of 28,202.25. After some consolidation, it closed the week at 28,569.67. The weekly candlestick formed a bearish candle with a lower shadow longer than the upper shadow, indicating continued downward pressure for this week following this pattern. In summary, the Nasdaq exhibited a pattern of breaking to new lows followed by a rebound, but the stabilizing recovery remains capped by selling pressure above, suggesting a high probability of renewed downward pressure. For today's trading, the primary strategy is to consider selling on rallies, with buying on dips as a secondary tactic. Key resistance levels to watch are 28,860-29,140, while support levels are at 28,600-28,300.
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