Analysis of gold news: Spot gold maintained a strong trend during the US market on Monday (March 4). The main focus of the gold market this week will be on Federal Reserve Chairman Powell’s testimony before Congress and the release of the U.S. non-farm payrolls report. These two events are expected to trigger major market fluctuations. In early Asian trading on Monday, gold prices hit a three-month high of $2,088 per ounce. Based on current market sentiment, gold prices are expected to rise further. In the coming week, all eyes in the market will be focused on Federal Reserve Chairman Jerome Powell’s two-day semi-annual monetary policy report testimony before Congress. Federal Reserve Chairman Jerome Powell is expected to give testimony before both houses of Congress on Wednesday and Thursday, which will be one of the key events for markets this week.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2126 first-line resistance at the top and the 2096 first-line support at the bottom.
Analysis of crude oil news: In the US market on Monday (March 4), US crude oil prices were trading around US$78.80 per barrel. On the first trading day of March, oil prices chose to break through the narrow saw-saw range of the past three weeks. Continuing to rise, the oil price in February, which just ended before this, closed up on a monthly basis. After entering 2024, oil prices closed up for two consecutive months. Compared with the trend in January, the trend of oil prices in February was more tortuous, especially as the oil price has faced a resistance recently. Within the narrow range of fluctuations below, the monthly difference structure remained strong during the period, but the cracking difference of refined oil products did not perform well. The poor performance of the global refined oil market in February limited the performance of oil prices to a certain extent. Whether the Chinese and American markets can fulfill the demand Expectations of improvement will be critical to the market. Judging from the performance of oil prices, the market outlook is relatively optimistic, and the center of gravity of oil prices has also slowly risen. The sharp increase in oil prices last Friday night is a natural choice for market games after the narrow range has gained momentum in the past period. WTI crude oil began to touch US$80, and oil prices subsequently rose. The space still needs to be driven by supply and demand. On the supply side, there is positive news that OPEC has extended production cuts to the second quarter as expected by the market. In addition, whether the interpretation of the Kazakh-Israeli conflict due to geopolitical factors will also have a similar impact on the market as Biden’s ceasefire remarks. It has an impact, and whether the demand level is strong is also an important factor in the performance of oil prices. Judging from the performance of oil prices, improved investor sentiment has raised expectations for oil prices. After oil prices broke through the range on Friday night, the short-term strength was obvious. With the help of production cuts, oil prices were bullish. It is expected to continue to rise. However, from the perspective of seasonal trends, in the past 10 years, oil prices have fallen more than they have risen in March, which is usually a correction, preparing for the second quarter. It is necessary to pay attention to changes in market sentiment and rhythm.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to low and long positions. Focus on the first-line resistance of 79.6 at the top and the first-line support of 76.7 at the bottom.
Caution is required in operation and suggestions are provided for reference.
