[Market Evening] The International Gold Price Is Expected to Fall Below $1,717, and the International Oil Price Fall Again After Two Trading Days
While gold remains below $1,753 an ounce, a drop to $1,720 seems likely. Although there is some support near $1730... Given the overall bearish trend, any upside is likely to be a rebound at best. Gold has traded sharply lower before, and now it's time for the market to take a breather. This is the trend we are witnessing now.

As of 17:00 (GMT+8), spot gold fell 0.144% to $1738.70/oz, and spot silver rose 0.353% to $19.342/oz.
Comment: The international gold price is under pressure and is expected to fall back to the low since September 2021, set last week at US$1,732.17/oz. The higher US dollar will put pressure on the demand for US dollar-denominated gold. Gold prices had fallen for four straight weeks. But rising inflation has hit overall demand in the US economy hard and could eventually weaken the dollar.
Suggestion: short Spot gold at 1738.40, and the target point is 1732.80.
As of 17:00 (GMT+8), the US dollar index rose 0.525% to 107.31, EUR/USD fell 0.537% to 1.01235; GBP/USD fell 0.524% to 1.19677; AUD/USD fell 0.614% to 0.68102; USD /JPY was up 0.691% at 136.991.
Comment: Since the beginning of this year, the exchange rate of the euro against the dollar has fallen by more than 10%. We believe that the European Central Bank expects to raise interest rates to curb inflation and is worried that the increase in interest rates will increase the debt pressure of some southern European member states, so they are slow to take action.
Suggestion: short EUR/USD at 1.01238, target point 1.00850.
As of 17:00 (GMT+8), WTI fell 1.282% to $100.834/barrel; Brent fell 0.972% to $104.314/barrel.
Comment: The international oil price fell again after two trading days. Due to the emergence of new mutants in Shanghai, the market is preparing for a new round of blows on the demand side. However, tight supply is expected to limit the downside of oil prices. Markets remain jittery over plans by Western countries to cap Russian oil prices. Questions remain over whether Kazakhstan can continue to export crude through the Caspian Pipeline Consortium (CPC).
Suggestion: long US crude oil at 100.980, and the target point is 103.990.
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2. Hong Kong will introduce a licensing system for crypto platforms through anti-money laundering laws;
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5. Foreign media: Tiger Fund plans to slow down its investment pace this year or will raise new funds;
6. Crypto lending platform Celsius hired a new team of lawyers to take charge of the company's restructuring plan;
7. Glassnode: Binance has replaced Coinbase as the exchange with the largest supply of Bitcoin;
8. Today's panic and greed index are 22, and the level is still extreme panic.
The Taiwan Weighted Index fell 1.187% to 14345.9 points;
The Nikkei 225 fell 0.032% to 26777.5 points;
Hong Kong's Hang Seng Index fell 2.498% to 21159.0 points;
Australia's S&P/ASX200 index fell 1.027% to 6632.95 points.
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