Gold Market Analysis: On Thursday (August 1), during the U.S. session, spot gold experienced narrow fluctuations, currently trading around $2,444.49 per ounce. Gold prices surged nearly $40 on Wednesday after Federal Reserve Chairman Jerome Powell hinted that a rate cut could come as early as September if inflation meets expectations, leading to a sharp drop in the U.S. dollar and Treasury yields. Additionally, geopolitical tensions escalated as the Hamas leader was assassinated in Iran, leading to direct orders from Iranian leaders to strike Israel, further increasing the demand for gold as a safe-haven asset. Investors today should pay attention to the market’s further interpretation of the Federal Reserve’s rate decision, monitor further developments in the geopolitical situation, and focus on the U.S. July ISM Manufacturing PMI and the weekly initial jobless claims data as of July 27. Moreover, Friday’s release of the U.S. July non-farm payroll report is also crucial, and investors should be aware of any changes in market expectations regarding this data. Relatively speaking, the benefits of the Federal Reserve’s rate decision have largely been priced into the market, so it is necessary to be cautious of profit-taking by bulls and the possibility of a “buy the rumor, sell the news” scenario. However, the ongoing geopolitical tensions are likely to continue supporting gold prices, which may limit the scope of short-term corrections.
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 2459 level and the support at the 2428 level.
Crude Oil Market Analysis: On Thursday (August 1), during the U.S. session, oil prices climbed, extending gains from the previous trading day due to concerns about potential supply disruptions caused by heightened geopolitical tensions in the Middle East. WTI crude oil was trading at $78.55 per barrel, up 0.82%. Both Brent crude oil and West Texas Intermediate crude oil futures rose, building on Wednesday’s 4% increase. The assassination of Hamas leader Haniyeh in Tehran and a senior Hezbollah commander in Beirut has heightened fears that the Gaza conflict could escalate across the region, raising concerns about potential disruptions to Middle Eastern oil supplies. According to the U.S. Energy Information Administration (EIA), U.S. crude oil inventories fell by 3.4 million barrels last week, further boosting bullish sentiment. This decline, driven by strong export demand, suggests that the market is tightening in the world’s largest oil consumer.
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 77.8 level and the support at the 74.8 level.
Caution: Operations should be approached with caution, and the recommendations are for reference only.
