02/28 Market report

【XAUUSD】

War has always let safe-haven assets bring good performance and gold is one of the leaders as a safe haven asset. Gold prices suddenly soared and break through the recent new high.Amid the ongoing Russia-Ukraine conflict came a ray of hope as Russia and Ukraine agreed to meet at the Belarusian-Ukrainian border. The support from the rest of the world has arrived one after another.

Due to the gold prices being at the high, there were many traces of the profit selling pressure that continue to emerge. This made the price of gold at continuous high-end correction. There is a very long upper shadow line and this indicates that investors have a relatively large selling attraction. Coupled with the KD death cross situation, gold may encounter more selling pressure. Alligator shows a golden cross which indicates that correction should not be without any resistance.

XAUUSD – D1

Resistance point 1: 1920.00 / Resistance point 2: 1980.00 / Resistance point 3: 2000.00

Support point 1: 1900.00 / support point 2: 1880.00 / support point 3: 1850.00

【USOIL】

White House officials said that the United States will not sanction Russia's crude oil and this means that the price of crude oil will theoretically not be affected too much by Russia's invasion of Ukraine. However, the United States has repeatedly called for and asked other countries to release war reserves. China has done the opposite and began to increase the purchase of crude oil.

Crude oil prices on the day of the Russian war rushed all the way to the price of $100 per barrel when the market was reaching panic mode. After a few days of calm in the prices of Crude oil, the price of crude oil returned to the price before the rise. This is coupled with news that the United States will not sanction crude oil.

From the technical line type, the upper shadow of crude oil is quite long. This results in the KD having a very obvious high-end passivation. From the high-end figure, there is obvious selling pressure. However, in the face of a moving average golden cross and a strong support, a follow-up continued in the high-end consolidation looks understandable.

USOIL – D1

Resistance point 1: 97.800 / Resistance point 2: 98.500 / Resistance point 3: 100.000

Support point 1: 96.200 / support point 2: 95.500 / support point 3: 93.800

【Dow Jones Index USA30】

The Dow Jones Index, which has continued to fall a few days ago, turned out to be a long lower shadow line on the next day. A big rise of 800 points in one day made the entire technical line reversed and showed that there was short-term buying power. KD from low-grade blunting changed to golden cross and this indicates that that the overall US stock market has some hope.

In the recent US stock economic data, the data of consumer spending was good. The market believes that inflation is higher but it does not seriously affect expenditure. It is believed that the Fed will not use a more positive way to raise interest rates; to be honest, the main commodities that worsen inflation are some necessities of life as it is a necessity expenditure. Lets say that even if the prices of meat and eggs increases, can we not eat？

USA30 –D1

Resistance point 1: 1.13200 / Resistance point 2: 1.13800 / Resistance point 3: 1.14200

Support point 1: 1.12500 / support point 2: 1.11800 / support point 3: 1.11500

【EURUSD】

Without Nord Stream II, Germany will become more dependent on the United States for energy imports. In terms of political stance, the future may increasingly depend on the face of the United States.

For the euro, the war between Ukraine and Russia also caused some EU countries to deal with more refugee problems. There has been many refugees entering Poland at this stage and this is not a good thing for the EU.

Overall, the timing of the war did not have a very good impact on the euro. From a technical line view, the euro fell below the recent consolidation lows even though there was a wave of pull-up rebound on Friday. The support of the consolidation range had a lot of pressure and that is not very favourable for the follow-up of the euro.

From the technical line view, the Alligator shows a golden cross on euro H1 and the high-end passivation of KD show that the buying power of the short-term is full of strength. However, it is also likely to be pressed back.

EURUSD – D1

Resistance point 1: 1.12500 / Resistance point 2: 1.12800 / Resistance point 3: 1.13200

Support 1: 1.11800 / Support 2: 1.11200 / Support 3: 1.10800

OnePro Special Analyst

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