Gold prices rose on Friday, but with oil prices remaining near $100 a barrel due to the Middle East war, gold is still on track for a second consecutive weekly decline.
Gold prices broke through $5,100 per ounce, recouping some of the losses from the previous two consecutive days of decline. The US dollar strengthened, and crude oil prices fluctuated after hitting their highest closing price since August 2022. The White House authorized buyers to receive Russian oil cargoes already at sea, a move aimed at easing oil price pressure.
However, on a weekly basis, the price of gold is expected to fall by approximately 1%. This will be the first time since November last year that the price of gold has declined for two consecutive weeks. Since the outbreak of war between the US and Israel and Iran nearly two weeks ago, the upward momentum of gold prices has stalled, and there is still no sign of a solution at present.
US President Donald Trump and Iran’s new Supreme Leader Ayatollah Ali Khamenei made tough remarks on Thursday. The conflict has lasted for 13 days, effectively blocking shipping in the Strait of Hormuz and causing the biggest shock to the global oil market in history. After a week of wild swings, Brent crude oil prices were volatile on Friday; the US dollar index fell slightly after rising 0.5% in the previous trading day.
For gold, the rise in energy prices and the intensification of inflation concerns have significantly reduced market expectations for interest rate cuts by the Federal Reserve and other central banks. The latest US unemployment report shows that the number of initial jobless claims remains low, further reducing the possibility of a decline in borrowing costs.
Technical analysis:
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Gold: The expected price break and pullback confirmation has not occurred for two consecutive days. For today’s trading, we suggest paying attention to the key demand zone support left in the early Asian session. If there is a pullback, you can attempt 1-2 long signals. For detailed positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: Yesterday, the buy stop operation triggered by the blue area break in our plugin achieved a profit-to-loss ratio of more than 2 times, but the price ultimately failed to reverse the trend. Today, we will continue to wait for the price to break above 24,750 before looking for a pullback buy signal. For detailed positions, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: After sweeping through the yellow zone we alerted you to yesterday, a new round of upward movement has begun. Currently, it has entered a consolidation pattern around 95. Today, we will attempt a short-term breakout pursuit of long positions. Once the profit-loss ratio is reached, we will reduce the position and set a protective stop. For detailed positions, please consult the plugin.
(Crude Oil 15-Minute Chart)
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Today’s key financial data and events to focus on:
20:30 US Core PCE Price Index Year-on-Year for January
