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Xu Xiyang Market Commentary 29 March 2022

March 29,2022 08:43:42

The US dollar continued to rise on Monday, while non-US stocks generally fell. Supply concerns eased before the peace talks between Russia and Ukraine. Coupled with the strengthening of the US dollar, higher US bond yields and a rebound in US stocks, gold prices turned their heads and fell again.

Oil prices also plunged sharply. Sources close to OPEC and the OPEC+ alliance said that although the crisis in Ukraine has caused oil prices to soar and consumer countries such as the United States have called for increased supplies, OPEC+ may stick to its plan to increase oil production slightly in May. . The United States is considering releasing oil from the Strategic Petroleum Reserve (SPR) again, but it is expected that the amount will be limited. Short-term oil prices do not rule out that they will continue to fluctuate from high levels. In the near future, Russia and Ukraine will hold a new round of negotiations, which can be focused on.

The US dollar continued to rise along with the 5-day moving average, the short-term moving average golden cross expanded, and the daily RSI moved higher. The short-term trend is still mainly bearish. If it effectively rises above 99, it can be seen as high as before.

Gold fell below the 10-day moving average, and there is still support in the area of 1900-1920. The daily RSI returned to the vicinity of 50, the short-term line turned empty again, and the high-altitude trend can be maintained below 1940.

Crude oil dived deeply. On the 5th and 10th, the golden corss of the moving average shrank, and it was at the top of the head and shoulders for 4 hours. The pressure near 109 can continue to be shorted. Below, first pay attention to the support of 104 and 102.7.

Europe and the United States closed the low-level Doji, still under pressure on the 5-day moving average, and tend to oscillate in the short term. If 1.10-1.1020 does not break, you can continue to go short; as low as before, you can go short to 1.09.

The pound has fallen for four consecutive days, and the short-term trend has weakened again. The short-term moving average has shown a dead cross, and the future market is still mainly bearish. Near 1.31-1.3120, you can wait for the opportunity to short under pressure.

Australia and the United States rebounded from their highs and fell below the 5-day moving average. The 5-day and 10-day moving average forks showed signs of shrinking. They may face further declines in the short term. Multiple orders can be temporarily closed. Those who are stable can look forward to it.

The US and Japan closed the meteor sun line, still standing above the 5-day moving average. The strength of the bulls has slowed, but the bullish pattern remains good. If you step on the 123 mark, you can make more progress.

Silver has tumbled again, and it has not yet gotten rid of the pattern of high volatility. The daily RSI is located near 50, and the direction is still unclear. You can continue to wait and see.

A50 jumped lower, under pressure on the short-term moving average, and the daily RSI continued to decline. The market is likely to continue to fluctuate in the future. If the 14,000 mark is not broken, short orders can continue to be held. Below, first, pay attention to the support near 13,000.

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