Gold Market Analysis: On Thursday (Aug 7) during early U.S. trading, gold prices edged lower while silver prices slightly increased. Gold is facing some profit-taking pressure, and short-term futures traders are engaging in light long liquidation. Midweek, traders and investors’ risk appetite improved across the broader market, which is also a bearish factor for safe-haven metals. December gold futures (currently about $50 higher than spot gold prices) last traded at $3,422.00, down $12.70; September silver futures last traded at $37.88, up $0.057. Overnight trading saw most European and Asian stock markets rise. At the start of the New York session, U.S. stock indexes were expected to open slightly higher.
Gold Strategy Today: Prefer buying on dips as the main approach and selling on rebounds as secondary. Key resistance at $3,397, support at $3,367.
Crude Oil Market Analysis: On Thursday (Aug 7), West Texas Intermediate (WTI) crude oil prices ended a four-day losing streak, last trading at $66.16, up 1.53%. Oil prices rose as market concerns over potential supply disruptions intensified. Traders are assessing possible changes in supply, as India may reduce oil imports from Russia in response to U.S. President Trump’s tariff threats over India’s continued purchase of Russian oil. On Tuesday, Trump announced that due to India’s ongoing Russian oil purchases, he would “substantially” increase tariffs on Indian imports within the next 24 hours.
Crude Oil Strategy Today: Prefer selling on rebounds as the main approach and buying on dips as secondary. Key resistance at $65.7, support at $62.7.
Caution is advised. These suggestions are for reference only.