Gold Market Analysis: Spot gold is currently quoted at $3,378.79/oz, up 0.13% on the day, reflecting cautious market sentiment at the start of the new week. Last Friday’s weaker-than-expected U.S. nonfarm payroll data pushed gold to a one-week high at the end of the week, but after the market opened yesterday, the U.S. dollar saw a slight rebound, coupled with a modest recovery in U.S. Treasury yields, which pressured gold prices lower and prevented a continued rally. Nonetheless, heightened geopolitical risks and weakening global risk appetite have provided support for gold, limiting its downside. Looking ahead, the gold market is expected to maintain a high-level consolidation pattern under the interplay of fundamentals and technicals. Rising expectations of a Fed rate cut in September, together with increasing geopolitical and trade uncertainties, will continue to bolster gold as a safe-haven asset. However, the short-term rebound of the U.S. dollar and recovery in U.S. Treasury yields may cap its upside potential.
Gold Strategy for Today: Buy on dips as the main approach, sell on rallies as a supplement. Resistance: $3,396; Support: $3,366.
Crude Oil Market Analysis: In Monday’s Asian session, Brent crude futures fell 0.57% to $69.27/barrel, while WTI crude futures dropped 0.55% to $66.96/barrel. Last Friday, both major crude benchmarks fell by around $2/barrel. The OPEC production increase decision was in line with expectations but still sparked market jitters. On Sunday, OPEC and its allies agreed to raise September output by 547,000 bpd. This marks another accelerated production hike since the start of the year, effectively reversing earlier large-scale cuts, with the UAE receiving a separate quota increase—bringing the total output hike to around 2.5 million bpd, equivalent to 2.4% of global demand. Although the decision was anticipated, its timing—combined with signs of a U.S. economic slowdown and a new round of trade tariff measures—has deepened market pessimism. In the short term, if global economic growth expectations fail to improve, oil prices may face deeper correction pressure.
Crude Oil Strategy for Today: Sell on rallies as the main approach, buy on dips as a supplement. Resistance: $67.1; Support: $64.1.
Trading involves risk, this is only for reference.
