【Gold-D1】
In the evening, Russia sanctioned 13 Americans including Joe and Hunter Biden, and Hilary Clinton. The U.S. Secretary of State Hillary Clinton said that it was a great honour to be sanctioned. Ukraine and Russia's leaders held video talks and there was no consensus. Although representatives of each side said that there was progress, the ceasefire still looked like a long way off.
Gold's recent price volatility has been very large. The current price of $1920 per ounce but the fundamentals have not changed with the war still fighting. Data from GLD, the world's largest gold ETF, shows that gold holdings have fallen by 2.32 metric tons, reflecting declining investors' panicked demand for gold.
In terms of the daily technical line of gold, there is still a golden cross on Alligator but the opening has shrunk. KD has entered the lower figure. The strength of the short is stronger.
XAUUSD-D1
Resistance point 1: 1950.00/ Resistance point 2: 1980.00/ Resistance point 3: 2020.00
Support point 1: 1900.00/ Support point 2: 1880.00/ Support point 3: 1850.00
【Crude oil -D1】
The crude oil market changed from $95 per barrel to $135 per barrel in just 5 trading days, and then dropped from $135 per barrel to $95 per barrel again. Everything is back to square one but the fundamentals as a whole have not changed – Russia's crude oil cannot be sold, the Iran agreement has not yet been reached, and there has been no change in market supply and demand.
In terms of the technical line of crude oil, Alligator indicates that the long-term trend has lost its direction while the KD shows that the short-term selling pressure of the bears is very strong. From the perspective of the technical line, the overall structure of crude oil has completely changed. Whether it is long or short orders, it is not recommended to pursue orders. It is more appropriate to use reverse trading strategies.
USOIL – D1
Resistance point 1: 98.200/ Resistance point 2: 99.500/ Resistance point 3: 100.200
Support point 1: 96.500/ Support point 2: 95.200/ Support point 3: 93.800
【EURUSD -D1】
The EU is imposing new sanctions on Russia as it prohibits steel imports from Russia. However, it can still import crude oil from Russia. ECB President Christine Lagarde said that although Ukraine is now fighting with Russia, inflation in the eurozone will gradually decline in the future. Inflation is expected to return to the level of 2% in 2024. From this remark, we can see that the ECB is confident and that there will not be any changes in measures in the future. The interest rates in Europe is still 0 at this stage. The key is how the process of raising interest rates and reducing the balance sheet of assets in the United States will be.
In terms of the technical line of the EURUSD, Alligator shows a death cross while the KD is also a death cross. The current trading price is still at the low-end consolidation. Investors are not moving too boldly because the results of the dollar interest rate decision have not yet come out. The price of EURUSD should remain near the low point until then. The current euro is suited for a breakthrough trading strategy
EURUSD-D1
Resistance point 1: 1.10000 / Resistance point 2: 1.10500 / Resistance point 3: 1.11000
Support point 1: 1.09200/ Support point 2: 1.08800/ Support point 3: 1.08000
【Dow Jones Index -D1】
Data from the U.S. Department of Labor shows that the PPI of the Producer Price Index in February increased by 10% as compared to last year and by 0.8% compared with the previous month. This is a little lesser than the market expected at 0.9%. This caused a wave of upward movement in the Dow Jones Index. Inflation data in the United States is still at their highest level in 40 years.
In terms of the daily technical line of the Dow Jones, Alligator shows a death cross while the KD shows a gold cross. The contradictions reflect that the Dow is still oscillating at the low-end area. With the US interest rate decision coming soon, investors will be looking for the breakthrough of this low-end oscillation.
USA30-D1
Resistance point 1: 34000 / Resistance point 2: 34500 / Resistance point 3: 35000
Support point 1: 33200/ Support point 2: 32800/ Support point 3: 32200
OneProSpecial Analyst
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