Gold ignores the strength of the US dollar and continues to push higher, once again hitting a historic high of USD 2288.21 per ounce. API reports indicate strong demand, oil prices continue to rise, reaching over a five-month high. 

Gold >>   

On Tuesday, gold ignored the strengthening US dollar and continued its upward trend. Spot gold surged during the US trading session, reaching a new historical high of USD 2280.94 per ounce, ultimately closing up by 1.3% at USD 2280.35 per ounce. 

US manufacturing activity in March expanded for the first time in a year and a half, prompting a sharp rise in the US dollar. Following the data release, traders perceived the likelihood of a rate cut in June to decrease from around 60% to 58%.  

However, speeches from Federal Reserve officials on Tuesday and mild slowdown in employment data caused expectations of a rate cut in June by the Fed to slightly rise to around 64%.  

Yesterday, amidst oscillations at high levels, gold’s technical aspect saw strong bullish movement breaking through highs and closing higher. During the Asian-European trading session, prices slightly retraced and stabilized around the USD 2248 level before modestly rising.  

Accelerating further in the afternoon, it broke through the USD 2266 level but quickly retreated under pressure, experiencing rapid declines. Ahead of the US trading session, it found support twice near the USD 2253 level, once again witnessing a strong bullish rally breaking through highs.  

Eventually, accelerating upward in the early morning, it breached and held above the $2270 level, reaching near USD 2288 before a robust closing. 

Technical Analysis: 

Today’s short-term strategy for gold suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks. 

• Key resistance levels to watch in the short term are around 2295-2300. 
• Key support levels to watch in the short term are around 2265-2260. 

WTI Crude Oil >> 

On Tuesday, WTI crude oil surged above USD 85 per barrel during the trading session, marking a daily increase of over 1% and hitting new highs since October last year, ultimately closing up by 1.76% at USD 85.39 per barrel.  

Brent crude oil also reached new highs since October last year, closing up by 1.7% at USD 89.23 per barrel. The latest API report indicates declines in both US crude oil and petroleum product inventories last week, suggesting strong demand.  

Specifically, API crude oil inventories fell by 2.286 million barrels, gasoline inventories decreased by 1.461 million barrels, and distillate inventories dropped by 2.548 million barrels. Investors also need to pay attention to the EIA crude oil inventory series data to be released on Wednesday evening. 

Yesterday, oil prices stabilized around the USD 83.80 level and once again saw strong bullish oscillations breaking through highs to close higher. The daily candlestick chart closed with a bullish tone, indicating an upward breakthrough amidst oscillations. Overall, prices continued their bullish momentum, supported by the 5-day moving average. 

Technical Analysis: 

Today’s crude oil trading strategy suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks 

• Key resistance levels to monitor in the short term are around 86.5-87.0. 
• Key support levels to monitor in the short term are around 84.5-84.0. 

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