MHMarkets：The EU plans to impose an embargo on Russian gold, and the three major U.S. stock indexes accelerated their decline at the close order time.

Fundamentals：

According to foreign media reports, the European Commission formulated a draft ban on the import of Russian gold on Friday. The draft shows that the EU will only ban the import of gold powder, unprocessed or semi-finished gold, gold coins and scrap gold, but does not list the ban. Importing gold jewellery, such as gold necklaces or gold rings, could leave an opportunity for “holes” in Russia, which exports billions of euros worth of gold every year. The draft is likely to be adopted by EU ambassadors at a meeting this Wednesday or Friday, according to several diplomats.

The National Association of Home Builders said the U.S. NAHB housing market index plunged in July to its lowest level since the early months of the coronavirus outbreak, as high inflation and borrowing costs hit their highest level in more than a decade, bringing customer traffic to a near standstill. . The index has fallen for the seventh straight month, to 55 from 67 in June, the lowest level since May 2020.

Technical：

Dow: In terms of U.S. stocks, the three major stock indexes accelerated their decline in late trading. The Dow closed down 0.69%, the Nasdaq fell 0.81%, and the S&P 500 fell 0.84%. Dow bulls backtest, the top is concerned about the support pressure position near 31900.

U.S. dollar: The U.S. dollar index continued to weaken, rebounded after falling below the 107 mark, and finally closed down 0.509% at 107.46; the 10-year U.S. bond yields faced off against the bulls and the bears by 3%, and finally closed at 2.989%. The top of the dollar fell, and the bulls were cautious, focusing on the target position of 105 below.

Gold: On Monday, spot gold rose all the way at the opening, once broke through the 1720 mark and turned, and finally closed down 0.02% at $1709.99 per ounce; gold fluctuated at a low level, chasing shorts cautiously, and paying attention to the target position of 1745 above.

Crude oil: In terms of crude oil, the two crude oils benefited from the weakening of the dollar. WTI crude oil returned to above $100 and finally closed up 4.63% at $101.38 per barrel; Brent crude oil closed up 4.78% at $106.84 per barrel. Crude oil fluctuated, and the top was concerned about the target position near 103.

(The above analysis only represents the analyst's point of view, the foreign exchange market is risky, and investment should be cautious)