Gold Market Analysis:
On Tuesday (July 1), spot gold (XAU/USD) maintained strong buying momentum during the European session, gaining over 1% on the day. With broad market expectations that the Federal Reserve will restart its rate-cutting cycle in the coming months, the U.S. dollar index remains under pressure, hitting its lowest level since February 2022. This provides solid support for non-yielding assets like gold.
Meanwhile, uncertainty surrounding Trump’s tariff policy has further boosted risk aversion sentiment, contributing to a rebound in gold prices from a nearly one-month low. Looking ahead, investors should closely monitor upcoming U.S. labor market data, particularly the non-farm payroll report, to determine the next move in gold prices.
Gold Strategy Today:
Main strategy: buy on pullbacks, sell on rebounds.
Key resistance: 3350 | Key support: 3316
Oil Market Analysis:
International oil prices faced downward pressure early this week, mainly due to expectations that OPEC will continue its production increase in August, along with the possibility of the U.S. raising external tariffs, raising concerns over global economic growth.
During Tuesday’s Asian session, Brent crude fell by 16 cents (0.24%) to $66.58/barrel, while U.S. West Texas Intermediate (WTI) dropped 20 cents (0.31%) to $64.91/barrel.
The oil market is currently caught in multiple uncertainties. OPEC’s continued production expansion over several months has gradually eased concerns about tight supply, while the risk of higher U.S. tariffs is directly hitting demand expectations.
With the supply-demand balance shifting toward a more relaxed state, the rebound potential for oil prices is limited. Close attention should be paid to OPEC’s meeting decisions and developments in U.S. trade policy.
Oil Strategy Today:
Main strategy: sell on rebounds, buy on pullbacks.
Key resistance: 66.2 | Key support: 63.2
Caution is advised. The above is for reference only.
