Gold market trend analysis today:
International gold prices weakened for a second consecutive session on Monday (March 27), as the U.S. dollar index was expected to extend its rebound and authorities tried to ease investor concerns about a widespread crisis in the global banking industry. But concerns about undercapitalization of U.S. banks could bring gold prices back up. A further escalation in the geopolitical confrontation in Eastern Europe could also boost gold prices. "Markets continue to take a cautious approach ... Overall, continued concerns about economic growth and banking stress are intertwined and may temporarily benefit safe-haven assets such as the dollar, yen and gold," the strategists said. Gold briefly rose above $2,000 after two U.S. banks collapsed and Credit Suisse struggled, but the rally was paused after authorities enacted rescue measures, including the emergency takeover of Credit Suisse by UBS. It was also reported that First Citizens Bancshares Inc is in advanced talks to buy Silicon Valley Bank. A recent surge in Deutsche Bank's credit-default swaps has raised fresh concerns among investors. While there's no solid evidence that Deutsche Bank has any major problems, concerns about U.S. banks being undercapitalized could lead to renewed gains in gold prices.
Looking at the gold daily line, the price of gold started to adjust the wave II trend since 2010 US dollars. On the hourly chart, the price of gold started to adjust ((C)) wave trend from US$2003, and the lower support looked at the 61.8% target at US$1956. ((C)) waves are subwaves of wave ii. Judging from the current market, the weekly chart closed with a cross turning K, and the trend is still strong, but at least the bottom k must be confirmed twice. On a turning day, if it falls further, the market outlook will test the upper line again. If it breaks the upper line, it will be officially shorted. Last Friday’s short was mainly the $22 that went down after four hours to 10:00 p.m. Breaking the middle track, and approaching Wednesday’s rising point again. If it does not break below, it means that the Asian market will be corrected. After the correction, the test will go offline, and the hourly chart will reach the second-line support. Once the position is broken, at least the structure of the hourly chart will turn, and it will reach near the acceleration line in 30 minutes. After that, it started to stabilize, and the upper part of the expected rebound was strongly pressed on the central axis.
Gold short-term operation ideas: It is recommended to rebound from the high altitude, the top short-term focus on the first-line resistance of 1968-1973, and the bottom short-term focus on the first-line support of 1935-1940.
Crude oil market trend analysis today:
International oil prices stabilized on Monday (March 27), as remarks by Russian President Vladimir Putin over the weekend heightened geopolitical tensions in Europe. But investors are taking cues from the performance of broader financial markets . Oil prices may not see a strong rebound until the banking crisis has completely dissipated. Russian President Vladimir Putin has commented that he will deploy tactical nuclear weapons in Belarus. NATO on Sunday (March 26) criticized Putin for what it called "dangerous and irresponsible" nuclear rhetoric. The move, which heightened geopolitical tensions in Europe over the Ukraine crisis, also provided some support for oil prices. Russian crude stockpiles have been rising since September and the country may want to avoid further builds during the March-June refinery maintenance season. "If Russia wants to reduce the stockpiles it has built up, production cuts may need to be extended beyond June , " analysts at FGE said in a note . The face is still in a long-short see-saw state. "Oil prices won't see a strong rebound until the (banking) crisis has completely dissipated. It could take days or even weeks."
On the daily chart of crude oil, NYMEX crude oil started an upward c-wave from US$66.82, and the upper resistance looked at the 61.8% target of US$71.34. The C wave is a sub-wave of the upward (II) wave that started at $64.36. (ii) The wave is part of the downtrend that started at $80.94. On the weekly line, after falling below the long-term wide range of volatility in the previous period, the trend of the big cycle continued to be weaker. A wave of rebound during the week basically completed the technical form repair. At present, the K line continues to be under pressure. There is still room for a continuation of the downward trend. The current market on the daily line does not have much guidance for the time being and basically remains in shock. Judging from the current technical form of the daily line, it may not rise or fall in the short term. At present, the market is treated as a range shock.
Crude oil short-term operation ideas: It is recommended to rebound from the high altitude, the top short-term focus on the 70.8-71.3 first-line resistance, and the bottom short-term focus on the 67.7-68.2 first-line support.
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