Analysis of gold news: Spot gold maintained a strong trend during the US market last Friday (March 8). The gold market once again set a new historical high, once standing above 2190, reaching a maximum of 2195.18 US dollars. However, Federal Reserve Chairman Powell still maintained a cautious attitude on monetary policy before giving two days of testimony on Capitol Hill. Powell will appear before the House Financial Services Committee, and in a prepared statement released ahead of his appearance, Powell reiterated his position that interest rates have peaked and may fall this year, but not anytime soon. If the economy develops broadly as expected, it may be appropriate to begin easing policy restrictions at some point this year. “But the economic outlook is uncertain, and continued progress toward the 2 percent inflation goal is not guaranteed,” Powell said. “The Committee does not anticipate that lowering the target range would be appropriate until it becomes more confident that inflation is sustainably moving toward 2 percent.” “Powell’s remarks were basically in line with market analysts’ expectations. The gold market continued to rise in response to Powell’s remarks, with gold prices breaking through recent highs after four days of sharp gains.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2194 first-line resistance at the top and the 2165 first-line support at the bottom.
Analysis of crude oil news: Although OPEC, an organization of oil-producing countries, has extended production cuts, the market remains wary of crude oil demand. Oil prices closed down more than 1% last Friday, with Brent crude oil falling 1.69% last week and WTI crude oil falling 2.46% last week. Brent May crude oil futures closed down $0.91, or 1.10%, to $82.05 per barrel. Last week, it fell by 1.69%, and the one-week volatility was the lowest since September 2021. Supply remains tight due to slower exports due to OPEC production cuts and Russian production cuts, but demand in some countries appears to be lagging, while demand in the U.S. driving season has yet to kick off. On the supply side, OPEC members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil production cuts of 2.2 million barrels per day into the second quarter, adding to concerns about global economic growth and rising production outside the group. The market provided additional support. Lower interest rates can increase oil demand by boosting economic growth, and the data suggested a less tight job market, supporting the argument and raising the possibility of a rate cut in June. In the past two trading days, the oil market has been paying attention to signals about the timing of possible interest rate cuts in the United States and the European Union.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the 75.5 first-line resistance at the top and the 8.3 first-line support at the bottom.
Caution is required in operation and suggestions are provided for reference.
