On Wednesday, August 13, the benchmark 10-year US Treasury yield settled at 4.695%, while the policy-sensitive 2-year yield closed at 4.212%. Spot gold retreated from its intraday peak of $4,441, eventually closing 0.93% higher at $4,408.42 per ounce. Spot silver fell below the $66 threshold but still ended the session up 1.00% at $65.33 per ounce. International oil prices traded in a sideways pattern, influenced by uncertainties surrounding navigation through the Strait of Hormuz, OPEC's downward revision of global oil demand growth expectations, and Saudi Arabia's shift to alternative shipping routes. WTI crude ultimately dipped 0.65% to settle at $81.69 per barrel, while Brent crude declined 0.66% to close at $88.38 per barrel.
The gold market opened at $4,370.6 per ounce on Tuesday, briefly retracing to a low of $4,361.2 before staging a strong rally. The session peaked at $4,441.6, then consolidated, closing at $4,408.8. The daily chart formed a medium bullish candle with a long upper shadow, indicating a continued oscillatory uptrend. In summary, gold remains in a high-level consolidation phase, with support levels gradually shifting upward. The outlook is bullish for today, with a strategy favoring pullback-based long positions complemented by short-term high-level trades. Resistance is seen at the $4,520-$4,580 zone, while support lies at $4,395-$4,360.
Crude Oil Latest Price Action
US crude oil opened at $83.42 per barrel on Tuesday, initially rallying to a daily high of $84.41 before reversing lower. The session bottomed at $82.44, eventually settling at $82.68. The daily chart formed a hanging man pattern with a doji-like structure, suggesting growing resistance to the upside. In summary, crude oil has been in a rising wave from lower levels, but Tuesday's failure to break above the prior high increases the probability of a trend change. The strategy for today is to prioritize short positions on bounces, with long positions as secondary. Resistance is at $83.4-$84.6, with support at $81.5-$80.0.
NASDAQ Index Latest Price Action
The NASDAQ index opened at 29,535.37 points on Tuesday, slightly dipping to 29,507.16 before advancing. The session peaked at 29,892.69, then settled at 29,693.99. The daily chart shows a medium bullish candle with a long upper shadow, indicating the index continues to trade within a consolidation range with potential for a breakout. In summary, the NASDAQ's triangular pattern has undergone four oscillations, and today may mark the final push. The strategy is to focus on pullback long positions, with short positions as secondary. Support is at 29,500-29,100, with resistance at 29,900-30,100.
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