[Market Morning] The gold range fluctuated, the US index fell below 110, and the British bond yields rose sharply; OPEC+ decided to reduce production slightly in October, European natural gas futures rose more than 35% at one point, the European Union exp

On Monday, spot gold fell into a range and fluctuated at US$8, and finally closed up 0.15% at US$1,710.62 per ounce; spot silver erased some of the gains and finally closed up 1.16% at US$18.16 per ounce.

Comment: Gold prices fell slightly on Monday, and a stronger dollar limited the rebound in gold prices. And Monday coincides with the US Labor Day holiday, the market liquidity is relatively thin.

Suggestion: short Spot gold at 1713.80, the target point is 1694.90

The U.S. dollar index rose and fell back, regaining and losing the 110 mark, giving up most of the gains in the day, and finally closed up 0.182% at 109.83.

Comment: Wall Street is increasingly agreeing that the Fed will fight inflation with a series of aggressive rate hikes that could trigger a recession. Policymakers approved a 75-basis-point streak of rate hikes in June and July, with another sharp hike in September based on upcoming economic data. At the same time benefit from the intensification of the European energy crisis, suppressing the impact of the euro.

Suggestion: short position of EUR/USD 0.99500, target point 0.98820

In terms of crude oil, WTI crude oil rose 4% during the session, standing at the $90 mark, but failed to stand firm, and finally closed up 1.77% at $88.83 per barrel; Brent crude oil finally closed up 1.98% at $95.16 /bucket.

Comment: U.S. oil rose more than 2% on Monday, breaking through the 90 mark during the session, benefiting from Russia’s closure of the Nord Stream-1 pipeline, which exacerbated the European energy crisis, while the Kremlin warned the West on Monday that it will take the Group of Seven (G7) "Retaliation" for a proposal to cap Russian oil prices.

Suggestion: short the position of US crude oil 88.780, the target point is 86.650

Affected by the U.S. Labor Day holiday, U.S. stocks and U.S. bond markets were closed for one day on Monday.

 Comment: U.S. stocks were closed on Monday due to the U.S. Labor Day holiday. The British London stock market closed at 7287.43 points on Monday, up 6.24 points or 0.09% from the previous trading day. The three major European stock indexes were mixed on the day.

Suggestion: go short at 12156.100 of the Nasdaq index, target point at 12008.800

Saudi energy minister: OPEC+ will remain proactive after agreeing to cut output

According to foreign media reports, Saudi Arabia said that OPEC+ members cut oil supply for the first time in more than a year, showing that the group takes the management of the global crude oil market seriously and is willing to take pre-emptive action. OPEC+ agreed on Monday to cut output by 100,000 bpd in October. Saudi Energy Minister Abdulaziz said, "This decision expresses our will that we will use all our tools. This move also shows that we will remain focused, Pre-emptive and proactive.” The decision to cut production surprised many traders who had expected OPEC and its partners to keep output steady as prices above $90 a barrel squeeze consumer demand. The market looks set to get even tighter in the coming months as the EU imposes sanctions on Russian exports.

Ukraine ready to start negotiations on EU membership in early 2023

Ukrainian Prime Minister Shmegal, who was visiting Europe, said on the same day that Ukraine plans to complete some of the EU's proposals by the end of this year and start negotiations on joining the EU in early 2023. Shmegar said the Ukrainian government's goal is to fully integrate into the EU and become a member within a short period of time. According to the report, Borrell, the EU's high representative for foreign affairs and security policy, said that negotiations on Ukraine's accession to the EU will begin as soon as Ukraine meets the necessary conditions, and the European Commission will evaluate this.

Germany to keep two nuclear power plants for backup energy supply

Germany will keep two of its remaining three nuclear power plants available for power generation, the government said on Monday. The two nuclear power plants that have retained capacity - Isar 2 and Neckarwestheim 2, each with a capacity of 1,400 megawatts - will still be closed along with Emsland on December 31, 2022. If there is a power shortage this winter, the two nuclear plants will be able to be called up as backup power generation facilities. This will free up natural gas for manufacturers and home heating. Economy Minister Habeck pointed out that France's nuclear power capacity is strained, while France is connected to Germany within the European wholesale electricity market, in addition, drought has curbed hydro and thermal power generation and hindered the transportation of coal barges to power plants. lead to an energy crisis.