Gold market data from July 27th showed that last Friday, the benchmark 10-year US Treasury yield settled at 4.687%, while the policy-sensitive 2-year yield closed at 4.342%. As investors evaluated the latest developments in the Middle East and their potential impact on the Federal Reserve's monetary policy path, precious metals traded in a range. Spot gold hit the $4080 mark before retreating, eventually closing 0.11% higher at $4053.17 per ounce. Spot silver finished 0.85% higher at $58.19 per ounce. Influenced by news that Pakistan had pushed for a restart of US-Iran negotiations, international oil prices experienced an intraday plunge, halting a five-day winning streak, though they still recorded a third consecutive weekly gain. WTI crude fell as much as 5%, hitting a low of $88.11 per barrel, before settling 2.05% lower at $90.89 per barrel, with a weekly gain of over 10%. Brent crude ultimately closed 1.85% lower at $93.16 per barrel.
Latest Gold Price Trend — The gold market opened lower last week at $4001.5 per ounce. Initially, prices declined, reaching a weekly low of $3981.7 per ounce. The market then rallied strongly, hitting a weekly high of $4165.9 per ounce before coming under pressure and falling back. The week ultimately closed at $4052.9 per ounce, forming a bearish shooting star candlestick pattern with a long upper wick. Following this pattern, gold remains in a low-level consolidation phase. In summary, after establishing support around the $3950 area, gold has been trading within a range. A breakout from this range could signal a new trend. Today's focus will be on whether the gold price can break out. The recommended strategy is to trade from both ends, selling at higher levels and buying at lower levels. Key resistance levels to watch are $4170-$4205, while support is seen at $4080-$4050.
Latest Crude Oil Trend — The US crude oil market opened higher last week at $84.04 per barrel. Prices initially declined, reaching a weekly low of $80 per barrel. The market then rallied strongly, hitting a weekly high of $93.94 per barrel before consolidating. The week closed at $90.9 per barrel, forming a bullish candlestick pattern with a lower wick longer than the upper wick. This pattern suggests a bullish outlook for oil. In summary, crude oil maintained its bullish trend last week. However, the gap-down opening today has cast a cloud over the bullish sentiment. If the price does not continue its decline, the probability of a further rally remains. Today's focus will be on signs of stabilization. The strategy is to prioritize buying on dips, with selling at highs as a secondary approach. Key resistance levels are $88.1-$90.5, with support at $81.4-$77.7.
Latest Nasdaq Index Trend — The Nasdaq index opened last week at 28576.8. It rallied strongly, hitting a weekly high of 29186.83 before coming under significant pressure and falling sharply. The index reached a weekly low of 28035.32 before consolidating, eventually closing the week at 28127.85. This formed a bearish shooting star candlestick pattern with a very long upper wick. Following this pattern, the Nasdaq remains under pressure. In summary, after a substantial decline, the Nasdaq is trading in a low-level consolidation. Today's focus will be on signs of resistance at key levels. The strategy is to prioritize selling on rallies, with buying on dips as a secondary approach. Key resistance levels are 28650-29188, with support at 28150-28000.
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