On Wednesday, spot gold fell sharply after reaching a high of $1860.08, dropping nearly $30 at one point, and ultimately closing down 0.99% at $1835.96 per ounce; Spot silver closed 1.05% lower at $21.62 per ounce. The US dollar index rose significantly, breaking through the 104 mark for the first time since January 6th during the trading session. It then fell slightly and ended up 0.56% higher at 103.84; The 10-year US Treasury yield rose to 3.8%. The yield of US 2-5-year treasury bond hit a new high in 2023 in the session, and the upside down of the yield of US 2-year and 10-year treasury bond further expanded to 89.8 basis points. In terms of crude oil, there were significant fluctuations within the two days, showing a "N" shaped trend. WTI crude oil recovered most of its losses in the US market, ultimately closing down 0.41% at $78.47 per barrel; Brent crude oil closed 0.11% lower at $85.16 per barrel. The US stock index closed up 0.11%, the Nasdaq index closed up 0.92%, and the S&P 500 index closed up 0.28%. WSB concept stocks and solar stocks led the way in gains, while vaccine stocks and oil stocks mostly fell. TSMC closed down about 5%.

Fundamentals: The monthly retail sales rate in the United States recorded 3% in January, the largest increase since March 2021. This also indicates once again that the US economy may overheat and inflation is unlikely to decline in the short term. European Central Bank President Lagarde has stated that high inflation continues to have a significant impact and plans to raise interest rates by 50 basis points in March. The subsequent interest rate path will be evaluated after the rate hike in March, and the rate of reduction of future asset purchase plans remains to be determined.

Technically, the euro on the daily line has continued to move out of a clear bottom range oscillation pattern. Although the exchange rate surged the day before yesterday and fell yesterday, it has been supported by the daily moving average system and has emerged from a certain stop down pattern. At the H4 level, the exchange rate has formed a certain double bottom pattern. Currently, the exchange rate is likely to be suppressed by the upper test moving average system, so the intraday strategy will continue to maintain the idea of range oscillation.

First resistance level: 1.0740 First support level: 1.0680

Second resistance level: 1.0770 Second support level: 1.0650

Fundamentals: The monthly retail sales rate in the United States recorded 3% in January, the largest increase since March 2021. This also indicates once again that the US economy may overheat and inflation is unlikely to decline in the short term.

Technical aspect: Similar to the overall rhythm of the euro, the pound exchange rate also began a certain stop falling pattern after experiencing a surge and a decline in the big negative line. This position is just the support level of the moving average system, and at the H4 level, the range fluctuation has formed a certain double bottom. The exchange rate may form a certain correction before testing the suppression of the moving average system. For intraday trading, considering yesterday's decline in the big negative line, Wait for a callback in the short term before laying out empty orders.

First resistance level: 1.2080 First support level: 1.2010

Second resistance level: 1.2120 Second support level: 1.1980

Fundamentals: The Japanese government has officially nominated Kazuo Ueda as the next governor of the Bank of Japan, and nominated Shinichi Ueda and Ryose Ichino as deputy governors.

Technically, the US and Japan on the daily chart have continued their standard technical trend. Yesterday, the exchange rate tested the suppression of the top moving average system, and there is a certain risk of downward correction in the short term. On the H4 level, the overall bullish pattern has continued to be evident. Therefore, the intraday strategy is to wait for a correction before entering, and cannot directly pursue a long position.

First resistance level: 134.10 First support level: 133.40

Second resistance level: 134.40 Second support level: 133.00

Fundamentals: The monthly retail sales rate in the United States recorded 3% in January, the largest increase since March 2021. This also indicates once again that the US economy may overheat and inflation is unlikely to decline in the short term.

Technically, from a daily perspective, the exchange rate has started to stop falling due to the support of the bottom moving average system. Although the current upward movement may not be obvious, the upward position of the exchange rate is already at the bottom of the oscillation range. From an H4 level perspective, the exchange rate has formed a certain double bottom bottoming pattern, and there is still a certain demand for a pullback in the short term. Therefore, the intraday strategy continues to follow the oscillation approach.

Resistance support level:

First resistance level: 0.6950 First support level: 0.6880

Second resistance level: 0.6980 Second support level: 0.6850

Fundamentals: The monthly retail sales rate in the United States recorded 3% in January, the largest increase since March 2021. This also indicates once again that the US economy may overheat and inflation is unlikely to decline in the short term. For the vacant position of Vice Chairman of the Federal Reserve, foreign media reported that the White House is considering appointing Chicago Federal Reserve Chairman Gullsby to take over as Vice Chairman of the Federal Reserve. At that time, Cleveland Federal Reserve Chairman Maester will exercise FOMC voting rights on behalf of the Chicago Federal Reserve until the latter's leadership vacancy is filled.

Technical aspect: Gold on the daily market has continued to break out of the bearish trend, and the price has also reached a low of 1830. Today, there was a correction in the morning market, but currently the overall trend is lower. At the H4 level, every downward move of gold prices can be stronger than the rebound. Therefore, the intraday strategy is to continue to maintain the bearish mentality of the correction.

Resistance support level:

First resistance level: 1845.00 First support level: 1830.00

Second resistance level: 1851.00 Second support level: 1824.00

Fundamentals: According to the IEA monthly report, the IEA has raised its global oil demand forecast and is expected to increase by 2 million barrels per day to 101.9 million barrels per day in 2023. EIA crude oil inventory surged by 16.28 million barrels, the highest since June 2021.

Technically, after experiencing a double dip, oil prices have started to rise to a certain extent in the early trading today. In the short term, it can be seen that the pullback market of crude oil is likely to have ended, and it is likely to test the suppression of the moving average system again. Currently, this position is around 80.9, at the H4 level. After breaking through the moving average, oil prices continue to rise after stepping back on the support of the moving average system. Therefore, there is a certain upward demand in the short term, The intraday strategy continues to maintain a multi order approach of callback.

Resistance support level:

First resistance level: 80.90 First support level: 78.10

Second resistance level: 82.20 Second support level: 76.80