On Thursday, July 24, the benchmark 10-year U.S. Treasury yield closed at 4.700%, marking an 18-month high, while the policy-sensitive 2-year Treasury yield settled at 4.355%. Spot gold faced persistent pressure after the market open, falling below the $4,100 per ounce mark. It plunged as much as $100 from its intraday peak, ultimately closing down 1.96% at $4,049.09 per ounce. Spot silver also declined, ending the session 3.45% lower at $57.63 per ounce. Meanwhile, international oil prices surged following an attack on an oil tanker in the Red Sea and the U.S. military's twelfth consecutive night of strikes against Iran. WTI crude oil climbed steadily after the open, breaking above the $90 mark and surging as much as 8% during the session. It ultimately closed up 6.78% at $92.79 per barrel. Brent crude oil rose 4.7% to close at $94.92 per barrel, while the September delivery contract settled above the $100 threshold.
Gold Latest Market Trend
Gold opened slightly lower at $4,125.3 per ounce during yesterday's session. After initially filling the gap to reach a daily high of $4,141.2, the market experienced a strong and volatile decline, hitting a daily low of $4,039.7 per ounce before consolidating. The daily candlestick ultimately closed at $4,049.8 per ounce, forming a large bearish candle with an upper shadow slightly longer than the lower shadow. Given this closing pattern, the daily chart shows a bearish engulfing formation, suggesting downward pressure from a technical perspective. In summary, gold failed to break higher and is under pressure after pulling back. Focus now shifts to the potential low range for the near term. Today's trend is expected to be bearish-biased with consolidation. A valid breakout would be needed to reverse the current sentiment. The trading strategy leans towards selling on rallies as the primary approach, with buying on dips as a secondary tactic. Resistance is seen above in the $4,070-$4,135 range, while support lies below in the $4,030-$4,000 range.
Crude Oil Latest Market Trend
U.S. crude oil opened higher at $88.13 per barrel yesterday. After a slight pullback to $87.74, the market rallied strongly, reaching an intraday high of $93.9 per barrel before encountering resistance from the recent downward pressure line. The daily candlestick closed at $92.7 per barrel, forming a large bullish candle with a long upper shadow. Given this closing pattern, the daily chart still shows buying demand against the backdrop of escalating tensions in the Middle East. In summary, crude oil remains in a bullish momentum. As long as the pullback does not accelerate, the uptrend is unlikely to change. Today's trading strategy favors buying on dips as the primary approach, with selling on rallies as a secondary tactic. Resistance is seen above in the $94.0-$97.0 range, while support lies below in the $90.8-$88.0 range.
NASDAQ Latest Market Trend
The NASDAQ index fell sharply yesterday under pressure from a strong U.S. dollar. It opened at 28,948.05, initially rallying to 29,709.92 before experiencing a strong decline to a daily low of 28,252.42. The market then consolidated, and the daily candlestick closed at 28,561.44, forming a large bearish candle with a very long lower shadow. With this closing pattern, the NASDAQ has returned to a state of consolidation under pressure. In summary, after its initial surge, the NASDAQ faced resistance and pulled back, testing the lower platform multiple times. If it breaks below this level, it could lead to a further extension of the bearish trend. This price level warrants close attention. Today's trading strategy leans towards selling on rallies as the primary approach, with buying on dips as a secondary tactic. Resistance is seen above in the 28,660-29,070 range, while support lies below in the 28,250-28,000 range.
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