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On Tuesday, spot gold rose and fell. It dropped to the $1,700 mark in late trading, and finally closed down 0.49% at $1,701.91 per ounce; spot silver gave up all its gains, but held the $18 mark, and finally closed down 0.85% at $1,701.91 per ounce. $18.01/oz.

Comment: Gold prices retreated from a one-week high hit earlier in the session on Tuesday, as the dollar and U.S. Treasury yields climbed on expectations that major central banks will aggressively tighten monetary policy. The focus this week will be Thursday's European Central Bank meeting, which is expected to raise interest rates by 75 basis points.

Suggestion: short Spot gold at 1700.70, the target point is 1688.40

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Driven by better-than-expected economic data, the market continued to price that the Federal Reserve's monetary policy would remain aggressive. The US dollar index fluctuated upward, stood at the 110 mark, hit a new 20-year high, and finally closed up 0.392% at 110.26; USD/JPY It once stood at 143 and continued to hit a new high since 1998; the yield on the 10-year U.S. Treasury bond soared by more than 5%, once approaching a high of 3.60%. The yield on the 30-year U.S. Treasury note rose above 3.5 percent, its highest level since 2014. Yields on the 5-year and 30-year U.S. Treasuries inverted again after being sold off by investors.

Comment: The dollar climbed on Tuesday after a report on the U.S. services sector in August reinforced the view that the U.S. was not in a recession, with the euro and the currency-sensitive yen tumbling further against the dollar.

Suggestion: short position of EUR/USD 0.98940, target point 0.98630

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In terms of crude oil, WTI crude oil dived during the session, but failed to fall below $86, and finally closed down 2.19% at $87.252 per barrel; Brent crude oil finally closed down 2.51% at $92.77 per barrel.

Comment: Oil prices fell on Tuesday as worries revived the prospect of more interest rate hikes and coronavirus lockdowns denting fuel demand, reversing a two-day rally from OPEC+’s first output cut since 2020.

Suggestion: short the position of US crude oil 86.470, the target point is 85.100

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U.S. stocks opened higher and moved lower. The Dow closed down 0.55%, the Nasdaq closed down 0.74%, and the S&P 500 closed down 0.41%. Popular Chinese concept stocks generally closed down, Pinduoduo fell 7.7%, and Alibaba fell 3.6%.

Comment: The major U.S. stock indexes closed lower on Tuesday, the first trading day after the U.S. Labor Day holiday and summer vacation, with volatile markets as traders assessed new economic data.

Suggestion: go short at 12009.400 of the Nasdaq index, target point at 11843.800

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EU plans windfall tax to tackle 'astronomical' energy bills

The European Union is pushing for a windfall tax on the skyrocketing profits of energy companies in response to what European Commission President von der Leyen has called "astronomical" electricity bills, the Financial Times reported. The proposed levy would target fossil-fuel producers and low-carbon power generators, which have made windfall profits from artificially inflating electricity prices, according to people familiar with the matter. EU energy ministers will discuss the plan on Friday.

France's largest aluminium smelter cuts output by 22% to deal with soaring electricity costs

Aluminium Dunkerque, France's largest aluminium smelter, said on Tuesday it would cut output by 22% in response to soaring energy prices. Meanwhile, unions at other metallurgical companies reported plans to control output and adjust working hours. Companies across Europe have slashed output as electricity costs soar due to falling gas supplies in Russia, hurting profit margins in energy-intensive industries. Aluminum Dunkerque CEO Guillaume de Goys said this will be achieved by shutting down 54 electrolysers and reducing the strength of others.

Truss accepts Queen's appointment as UK Prime Minister

On September 6, local time, Elizabeth Truss, who was just elected as the leader of the British Conservative Party, was formally appointed by Queen Elizabeth II in Scotland as the new Prime Minister of the United Kingdom. Truss, 47, also became the third female prime minister in British history after Margaret Thatcher and Theresa May. The appointment of Truss comes after the Queen accepted a formal resignation from Boris Johnson earlier in the day.

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