Gold

Be wary of rising prices of commodities such as crude oil and non-ferrous metals, which may prompt the Federal Reserve to strengthen its expectation management. The hawkish interest rate hike path of the European Central Bank may increase the probability of a recession in the European economy and promote a "sharp turn" in the ECB's monetary tightening policy. Optimistic expectations of China's economic growth and consumption recovery may be falsified due to lower than expected performance after the Spring Festival, causing a rebound in the US dollar index and putting pressure on precious metal prices. Analysts at ZFX Shanhai Securities predict that precious metal prices may strengthen first and then weaken (beware of rising and falling), and investors are advised to be cautious.

Trading strategy

Breakthrough occurs in the short term, making it difficult to break above the level of around $2000.

Resistance level: $2000

Short term support slot: $1860

Crude oil

OPEC is still in a production reduction cycle, but crude oil prices have not rebounded, indicating that the market still holds a cautious view of the economic outlook. The economic downturn has slowed down economic activity and weakened demand for crude oil. Analysts at ZFX Shanhai Securities expect further weakness in crude oil.

Trading strategy

The good news may be exhausted or there may be a pullback.

Resistance level: 82

Support bit: 70

About ZFX:

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