Gold: The United States and Europe have long feared retaliation from Iran in the April 1 Israeli attack on the Iranian consulate in Damascus, which killed several Iranian officers. Over the past weekend, Iran fired missiles at Israel and stressed that if Israel takes any action against Iranian territory, the Iranian side will return it twice.
There is no doubt that if an open war breaks out between Iran and Israel, then the Middle East is not far from a full-scale war, and it will be a high probability that gold prices will remain strong under the effect of risk aversion.
Technical: On the daily line, the market rose and fell back to close the long upper shadow line on the previous trading day, suggesting that there is still a short-term risk of a pullback. In terms of indicators, the market is still running above the 20-day moving average, and the bulls are still dominant. In the short term, gold prices remain high, and there is a greater chance of adjustment through shocks. During the day, pay attention to the first-line pressure of $2380 above, and the first-line support of $2328 below.
Gold price chart: Gold hourly chart
Crude oil: From the perspective of geopolitical friction, there is a risk of further escalation of friction in the Middle East, after Iran's retaliatory action, once Israel takes action against Iranian territory, then the possibility of a full-scale war in the Middle East is increasing, and oil prices will still be supported in the short term.
On the supply side, under the OPEC+ production cut agreement, the overall supply side of crude oil will remain tight, which will provide support for oil prices in the future.
Technical: On the weekly line, the market adjusted at a high level last week and closed a small negative line, and it is necessary to be vigilant against the risk of oil prices falling in the short term. On the daily line, the market has fluctuated and adjusted at a high level for many consecutive trading days, and it is expected to continue in the short term. During the day, pay attention to the first-line pressure of $87 above, and the first-line support of $85 below.
Crude Oil Price Chart: Crude Oil Hourly Chart
Important Notice: The above content and views are provided by the think tank of the third-party cooperation platform and are for reference only and do not constitute any investment advice.