Overnight Market Review (2022.8.4) On Thursday (August 4), Beijing time in early Asian trading, the U.S. dollar index traded around 106.37. U.S. economic data and hawkish Fed officials’ speeches boosted the U.S. dollar. Gold prices narrowed their gains on Wednesday and further Off the one-month high hit in the previous trading day; oil prices fell more than 3%, hitting a new low in nearly half a year during the session, as low as $90.39 per barrel, benefiting from the unexpected surge in U.S. crude oil and gasoline inventories last week, as well as the help of OPEC+’s small increase in production .
However, on Thursday, the U.S. dollar index and U.S. dollar index futures retreated 0.1% during the Asian session. Despite gold’s gains over the past two weeks, the outlook for gold remains bleak as the Federal Reserve is likely to continue raising interest rates this year. At the same time, most other precious metal prices are also expected to decline due to the continued tightening of monetary policy by the Federal Reserve.
Trading strategy deployment: it is recommended to do more at low levels
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