Gao Bojing: The gold range breakout is quietly brewing, focus on gold today

Gold News —

On April 7th, the benchmark 10-year U.S. Treasury yield closed at 4.3440%, while the yield on the 2-year U.S. Treasury, which is sensitive to Federal Reserve policy rates, slightly declined to 3.8640%. Investors are awaiting further signals on the U.S.-Iran situation before Trump’s “final deadline” arrives. Spot gold surged then retreated, ultimately closing down 0.55% at $4,649.87 per ounce; spot silver closed down 0.28% at $72.81 per ounce. Trump threatened Iran’s infrastructure, causing international oil prices to fluctuate and then rise. WTI crude oil closed up 0.52% at $112.77 per barrel; Brent crude oil closed up 0.42% at $109.67 per barrel.

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Latest Gold Market Trends —

Yesterday, gold markets opened lower at $4,648.6 per ounce due to Friday’s non-farm payroll results, then initially declined, with the daily low reaching $4,600.2 per ounce. Later, prices surged strongly, with the daily high touching $4,706.9 per ounce. Afterward, the market consolidated within a range, and the daily close was at $4,649.2 per ounce. The candle formed was a long-legged doji with equal upper and lower shadows, indicating indecision and a need for a breakout from the range. Overall, gold stabilized at low levels and then moved upward in a three-wave pattern, suggesting a continued bullish trend. The key focus is whether it can break through resistance. For today’s trading, consider a high-short, low-long strategy, with resistance at $4,706–$4,800 and support at $4,635–$4,598.

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Latest Crude Oil Market Trends —

Yesterday, U.S. crude opened at $112.92 per barrel, then rose to a daily high of $115.62 per barrel before facing resistance and falling back. The daily low was $108.97 per barrel. After consolidation, the close was at $112.6 per barrel. The daily candle was a doji with a longer lower shadow than upper shadow, indicating continued bullish momentum. Overall, crude oil remains bullish, currently in a correction at high levels. Focus on whether it can break through the current range. For today’s trading, consider a retracement to build long positions first, with a secondary focus on shorting. Resistance is at $115.8–$120.0, support at $110.8–$108.0.

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Latest NASDAQ Trends —

Yesterday, NASDAQ opened lower at $23,879, then declined to a daily low of $23,802.91. It then surged strongly, with the daily high reaching $24,279.57. After consolidation, the close was at $24,171.89. The daily candle was a large bullish candle with a slightly longer upper shadow, suggesting further upward momentum. Overall, after stabilizing at low levels, NASDAQ broke through resistance at around $23,489, forming a second upward breakout. With a large daily bullish candle, further gains are possible. For today’s trading, consider a retracement to buy on dips first, with a secondary focus on shorting. Resistance at $24,300–$24,550, support at $24,029–$23,800.

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Editor: Chen Ping