Gold Market Analysis: On Thursday (August 7), during the U.S. trading session, spot gold saw narrow-range oscillations with a slight upward move, currently trading near 3404. Spot gold fell 0.34% on Wednesday to settle at $3,369.19/oz, after briefly touching the nearly two-week high of 3390 the day before. This pullback was mainly due to profit-taking after the recent rally. Gold had risen for three consecutive days following Friday’s weak U.S. employment data, driving risk-off sentiment higher. However, with the economic data calendar entering a quieter phase, safe-haven demand has eased, prompting some investors to lock in profits, leading to a short-term correction. Such technical adjustments are common in the gold market, especially when no major economic events are in play, as profit-taking pressure can weigh on prices. While spot gold saw a mild retreat due to profit-taking, expectations for a Fed rate cut in September have strengthened, while tariff moves by the Trump administration against countries like India and Switzerland have heightened geopolitical and economic tensions. Market focus is also on potential Fed personnel changes. For today, attention should be paid to U.S. initial jobless claims, the Bank of England’s rate decision, and speeches by Fed officials.
Gold Trading Strategy Today: Consider buying on dips as the primary approach, selling on rallies as secondary. Key resistance: 3405; key support: 3370.
Crude Oil Market Analysis: After five consecutive sessions of declines, oil prices saw a slight rebound during Thursday’s Asian session. Brent crude futures rose 0.7% to $67.47/bbl, while U.S. WTI crude futures gained 0.9% to $64.97/bbl. Earlier, concerns over possible intensified U.S. energy sanctions against Russia pushed both benchmarks to eight-week lows on Wednesday. News of potential high-level talks between the U.S. and Russia brought some relief to the market. According to White House officials, President Trump may meet with Russian President Putin next week, though the U.S. still plans to impose “secondary sanctions” — potentially targeting Asian countries — to pressure Moscow on the Ukraine issue. The rebound in oil prices is supported by inventory declines and optimism over possible negotiations, but medium- to long-term price drivers remain the pace of OPEC’s production increases and evolving geopolitical risks. As the U.S. increasingly links energy issues with trade policy, Asian oil import strategies could face a more complex decision-making environment, potentially reshaping the regional energy market structure.
Crude Oil Trading Strategy Today: Consider selling on rallies as the main approach, buying on dips as secondary. Key resistance: 64.7; key support: 61.7.
Caution is advised — strategies are for reference only.
