Analysis of gold news: In the US market on Monday (February 26), spot gold continued to fall in the short term, but still maintained a slight decline during the day. The price of gold is currently trading around US$2,026 per ounce. Spot gold prices closed up $10.98, or 0.54%, on Friday at $2,035.33 per ounce. Gold prices hit a high of $2,041.34 per ounce last Friday. Gold prices retreated further from a two-day high of $2,041 an ounce early Monday morning. However, weaker U.S. Treasury yields helped limit gold’s pullback. Looking ahead to the current trading day, the dynamics of the U.S. dollar and U.S. Treasury yields, as well as risk trends, will influence gold price trends, with gold traders looking to U.S. new home sales data for some trading incentives. The short-term technical outlook for gold prices remains constructive, but the possibility of a brief pullback in the coming sessions cannot be ruled out. Last week, due to the lack of fundamental information guidance, the trend of gold was volatile. Except for Monday, data will be released on the next four trading days this week. Among them, the fourth quarter GDP data on Wednesday is the most critical, which may be the key to breaking the market shock. Domestic CPI and PPI data rebounded, and Fed officials said that the fight against inflation is not over yet, and more evidence is needed to gain confidence in interest rate cuts. The Fed meeting minutes were hawkish, believing that there are risks in cutting interest rates too early, and that progress in inflation may take longer than expected. At this time, these factors have caused the market to reduce its bets on the Federal Reserve’s early interest rate cut. It is expected that the earliest interest rate cut will be postponed to June, putting pressure on gold’s rebound.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the 2047 first-line resistance, and on the bottom, focus on the 2019 first-line support.
Analysis of crude oil news: In the US market on Monday (February 26), US crude oil prices were trading around US$76.42 per barrel. On Friday, oil prices suffered the largest one-day decline since February 1. European and American oil prices generally fell by more than 2 US dollars, in the first week after the Spring Festival, oil prices entered a narrow range game of long and short stalemate. Oil prices have obvious anti-fall characteristics and seem to be preparing to break through the upper resistance. However, the drop last Friday seemed to have brought variables to the market. Oil prices failed to break through the upward resistance and reappeared as a signal of falling back when encountering resistance. At present, the probability of oil price inertial adjustment has increased, but the room for correction is expected to be limited. Oil prices have rebounded by about US$10 in two months from the lows in December last year. They are currently near the central axis of oil price fluctuations in the past two years, and will become a resistance area that limits the further upward movement of oil prices in the short term. The geopolitical factors in the Middle East that continue to simmer around the Kazakh-Israeli conflict have helped OPEC production cuts to promote a rebound in oil prices from the supply side. As the time approaches March, the next OPEC meeting’s production reduction plan for the second quarter will gradually become the focus of the market. Judging from the current statements by core OPEC member states that they will abide by the production reduction agreement, OPEC is still very resolute in maintaining stability in the oil market. What currently makes the market hesitant is the demand side of the crude oil market. Judging from the February monthly reports of the three major authoritative institutions, there are large differences in demand judgments. This is caused by differences in expectations for global economic growth and expectations for energy demand in the energy transition process. different expectations. The current rebound in oil prices is hindered and it is expected that there will be a correction in the short term, but the window for rising oil prices has not closed. At the stage when supply and demand in the crude oil market are roughly balanced, the spring offensive is still worth looking forward to from a seasonal perspective, and oil prices still have the opportunity to break through the upper resistance. At this stage In terms of opportunity selection, it is still recommended to seize the opportunity to go long on dips, pay attention to the rhythm, and control risks.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 78.8 at the top and the first-line support of 75.8 at the bottom.
Caution is required in operation and suggestions are provided for reference.
