Spot gold: On August 11, international gold prices extended their upward trend during Tuesday's Asian trading session. Spot gold (XAU/USD) rose for the third consecutive day, marking the fifth gain in the last six sessions, with prices briefly breaking above the $4,400 mark to reach the highest level since June 5. The recent rally in gold has been primarily driven by cooling in the US labor market and a reassessment of Federal Reserve policy expectations. Fueled by safe-haven demand and market catch-up gains, gold rebounded over 11% within two weeks. It is now in a phase of high-level consolidation, with the market awaiting upcoming inflation data for directional cues.
On the technical front, bullish momentum was relentless yesterday, breaking through multiple resistance levels and igniting strong market sentiment. After opening, gold prices retraced to around $4,313 before initiating an upward channel, climbing to $4,395, and extending gains to $4,434 during the session. The moving average system is fully bullish, providing solid support for prices. All indicators are trending upward, with bears in retreat and bulls unstoppable. At this stage, it is unwise to blindly bet on a top, as consecutive long bullish candles are not a flash in the pan. Short-term traders should follow the trend. On the daily chart, the months-long downward consolidation pattern has ended, and a bullish upward trend is officially established. A gradual upward trajectory is expected to dominate. Key support levels to watch include the previous pivot zone. Tonight, focus on resistance at $4,420/$4,454 and support at $4,350/$4,320. Evening trading suggestions: Aggressive traders can go long on a pullback to around $4,360±2, while conservative traders should wait for $4,325±2. Aggressive traders can short on a bounce to around $4,418±2, while conservative traders should wait for $4,450±2. Set stop-losses at 15 points each, with targets of 30/50 points. [GOLD pivot: $4,350/oz. The above views are for reference only; diversify positions and manage risks strictly!]
WTI crude oil: On Tuesday (August 11), US crude oil prices fluctuated higher during the Asian session. On the news front, both the US and Iran have made compensation demands, signaling a tough stance. Negotiations over navigation through the Strait of Hormuz have faced repeated setbacks, making a reopening agreement difficult to achieve. Geopolitical risk premiums have been re-evaluated, leading to a sharp surge in international crude oil prices yesterday. The oil market is expected to maintain high levels in the short term, with heightened vigilance required for violent volatility driven by geopolitical events.
On the technical side, the daily chart shows a return of bullish buying power, with oil prices trading above short-term moving averages (MA5, MA10). The overall trend structure has improved, and a bullish pattern is emerging. On the 4-hour chart, after a rapid rally, oil prices are now in a technical consolidation phase. Technical indicators suggest that upward momentum is gradually weakening, and the pace of gains is slowing. However, prices remain above key support levels, with no clear top signal yet. Tonight, focus on resistance at $85.0/$86.5 and support at $82.7/$81.0. This statement is for reference only and does not constitute investment advice. Investors should act accordingly and bear their own risks.
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