OWM 7.23 Gold and Crude Oil Operation Strategy

08/13/2024

Gold Market Analysis: On Monday (July 22), during the U.S. session, spot gold rebounded from a low and is currently trading near $2,395 per ounce. The market focus is expected to shift from the Federal Reserve to the European Central Bank, which will announce its rate decision on Thursday. Additionally, the release of U.S. June retail sales data will provide insights into whether weak consumer spending will increase expectations for a rate cut in September. The market will also be watching Fed Chair Jerome Powell’s speech, U.S. housing starts and building permits data, the Philadelphia Fed survey, and weekly jobless claims data. The performance of the gold market this week, along with upcoming financial events, suggests that gold prices will continue to be a focal point for investors. Against a backdrop of global economic and political uncertainty, gold’s role as a safe-haven asset has become increasingly prominent, with market analysts and retail investors widely expecting gold prices to continue rising. As market expectations for Federal Reserve policy evolve further, the future trajectory of gold prices will draw even more attention.

Today’s Gold Strategy: It is recommended to focus primarily on buying during pullbacks and selling during rebounds. Pay attention to the resistance at the 2416 level and the support at the 2386 level.

Crude Oil Market Analysis: Last week, the crude oil market experienced significant volatility, with WTI and Brent crude futures prices both hitting their lowest points in a month. Market sentiment was influenced by multiple factors, including the easing of geopolitical tensions and a stronger dollar. Overall, oil prices followed a choppy downward trend, ending the week with a 4.36% decline. This expectation of choppy movement is likely to continue into the beginning of this week.

Today’s Crude Oil Strategy: It is recommended to focus primarily on selling during rebounds and buying during pullbacks. Pay attention to the resistance at the 79.7 level and the support at the 76.7 level.

Caution: Operations should be approached with caution, and the recommendations are for reference only.

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