Gold Market Analysis:
Last Friday (August 1), spot gold surged by 2.23%, hitting a one-week high of $3,363.37/oz during the session and closing at $3,363.16/oz. This rally was driven not only by unexpectedly weak U.S. non-farm payroll data but also by safe-haven demand triggered by the Trump administration’s latest tariff policies. Global economic uncertainty, a weakening U.S. dollar, and rising expectations for Fed rate cuts have all provided strong momentum for gold’s rise. On Monday (August 4) during the Asian session, spot gold fluctuated at high levels, currently trading near $3,356.66/oz. For today’s session, focus on the U.S. June factory orders m/m data, and continue monitoring developments in international trade and geopolitical events.
Gold Trading Strategy for Today:
Prefer buying on dips and selling on rebounds. Key resistance: 3,366. Key support: 3,336.
Crude Oil Market Analysis:
On Sunday (August 3), the global energy market received major news! The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, reached an agreement to increase daily crude oil output by 547,000 barrels starting in September. This move is not only the latest step by OPEC to reclaim market share but also marks a milestone as the group fully lifts its largest production cut deal ahead of schedule. Meanwhile, rising concerns over potential Russian supply disruptions have kept oil prices volatile at high levels, with geopolitical and economic factors adding more uncertainty to the global energy landscape.
Crude Oil Trading Strategy for Today:
Prefer selling on rebounds and buying on dips. Key resistance: 67.9. Key support: 64.9.
Trading involves risk; this is for reference only.