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Market News [Market Morning] Gold Fell Below the 1700 Mark During the Session, the US Index Continued to Hit A New 20-Year High, And US Bond Yields Rose Together

[Market Morning] Gold Fell Below the 1700 Mark During the Session, the US Index Continued to Hit A New 20-Year High, And US Bond Yields Rose Together

[Market Morning] Gold Fell Below the 1700 Mark During the Session, the US Index Continued to Hit A New 20-Year High, And US Bond Yields Rose Together

TOPONE Markets Analyst
2022-09-02
7240

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On Thursday, spot gold fell below the $1,690 mark in intraday trading, and rose slightly below the $1,700 mark in late trading, and finally closed down -0.74% at $1,698.1 an ounce; spot silver fell 2% intraday, and then narrowed the decline. , and finally closed down 1% at $17.79 an ounce.


Comment: Gold prices fell below the key $1,700 level on Thursday for the first time since July, as a rising dollar and expectations of aggressive interest rate hikes undermined gold’s appeal.


Suggestion: short spot gold 1696.50 position, target point 1689.40


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The US dollar index once stood at the 110 mark, hitting a new 20-year high, and finally closed up 0.92% at 109.68; the US dollar stood at the 140 mark against the yen, the first time since 1998; the pound against the US dollar fell for the first time since March 2020 Breaking 1.15; U.S. bond yields rose together, with the 10-year U.S. bond yield standing at 3.2%, a new high since June 28.


Comment: The dollar index hit a 20-year high on Thursday and the interest rate-sensitive yen hit a 24-year high, after U.S. data showed the economy was resilient, giving the Federal Reserve more room to aggressively raise interest rates to curb inflation.


Suggestion: short position of EUR/USD 0.99480, target point 0.99090


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In terms of crude oil, WTI crude oil fluctuated downward, fluctuating around the $86 mark in late trading, and finally closed down 2.77% at $86.34 per barrel; Brent crude oil fell below $92 per barrel for the first time since August 17, and finally closed at $86.34 per barrel. It fell 2.91% to $92.16 a barrel.


Comment: The world's oil demand is stagnant, while supply is gradually increasing, mainly helped by the US shale oil boom. Manufacturing activity in Asia fell in August, a survey on Thursday showed, dimming prospects for an already fragile recovery in the region.


Suggestion: go short at 86.620 of U.S. crude oil, target point at 84.630


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The trend of the three major U.S. stocks diverged. The Dow closed up 0.46%, the Nasdaq closed down 0.26%, and the S&P 500 closed up 0.30%. Ideal Motors fell by about 3%, Weilai Motors fell by more than 5%, Xiaopeng Motors fell by more than 6%, and Xiaopeng and Ideal's August deliveries recorded a month-on-month decline.


Comment: A late-day rebound in U.S. stocks helped the S&P 500 close higher on Thursday, ending a four-day losing streak, as investors turned their attention to the key U.S. jobs report due on Friday.


Suggestion: go short at 12270.500 of the Nasdaq index, target point at 2021.700


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Germany and France's "gas shortage" overflows, Switzerland's power supply is in short supply this winter


Right now, European countries are in full swing to reserve natural gas for the winter this year. However, due to the sharp drop in natural gas from Russia, the energy supply situation in Europe is tight. Affected by this, Switzerland, which mainly relied on Germany and France for power supply in the previous winter, was also affected. In addition, the construction of its own natural gas storage was lagging behind, and the risk of power shortage in Switzerland this winter continued to increase. Switzerland, with its mountains and lakes, is not a small energy country. On the contrary, relying on hundreds of hydropower stations in the heart of the Alps, Switzerland can easily meet the country's electricity needs in summer. But when winter comes, domestic energy demand surges, river levels drop, hydropower capacity dwindles, and Switzerland, which lacks natural gas storage facilities, can only import electricity from neighboring Germany and France.


UK pledges to cap Russian oil prices


Britain said it would work on a U.S.-led cap on Russian oil prices, while a senior Russian official said the country would refuse to sell oil at the cap. Chancellor of the Exchequer Zahavi said yesterday that he believed the price cap plan would be successful. G7 finance ministers are expected to meet on Friday and approve an outline for capping Russian oil prices. But the plan faces several major issues, including the level at which the cap will be set and whether Russia will agree to sell oil at the cap price.


Petrobras cuts gasoline prices for fourth time since July


On September 1, local time, Petrobras announced that it would cut the price of gasoline sold to distributors from the next day. After the price adjustment, each liter of gasoline will drop from 3.53 reais to 3.28 reais, an adjustment of 7.08%, the largest drop since the beginning of last year. This is also the fourth time that Petrobras has lowered the price of gasoline sold to distributors since July this year. After continuous adjustment, gasoline prices have fallen by 19% since mid-July. The company has also cut diesel and jet fuel prices separately in recent weeks. Previously, due to the domestic fuel price problem, the company has successively replaced three presidents during the year.


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