Gold Market Trend Analysis: On March 6, the spot gold price edged up slightly in early Asian trading, currently hovering around $5,089 per ounce. After opening on Thursday, gold briefly rose due to escalating tensions in the Middle East but quickly reversed gains, closing down. The gap between the intraday high of $5,194.59 and the closing price of $5,080.88 exceeded $110. This reversal was not coincidental but resulted from the combined strength of the U.S. dollar index and Treasury yields. The dollar index rose 0.25% to 99.05, making dollar-denominated gold more expensive for overseas buyers. Meanwhile, the U.S. 10-year Treasury yield climbed to a three-week high, further increasing the opportunity cost of holding non-yielding gold.

From a technical perspective, gold closed lower on Thursday, breaking below the moving average. This week, bearish sentiment has dominated. For a short-term stabilization after a sharp decline, a secondary test of the bottom is necessary without breaking below the key support level of 5,000. A rebound above the 5-day and 10-day moving averages would signal a shift from weak to strong consolidation, potentially testing the 5,400–5,500 range. However, a break below 5,000 could lead to a further decline toward 4,850. On Thursday, gold surged in early trading but faced resistance at 5,195, with the 61.8% Fibonacci retracement level failing to provide support. The European session saw a gradual decline, indicating continued downward pressure into the U.S. session. With the daily chart showing a bearish close below the middle Bollinger Band and a bearish crossover of the 5-day and 10-day moving averages, further downside momentum is expected today. Ahead of the U.S. non-farm payrolls data, a strategy of selling on rallies is recommended. Key resistance levels are at 5,110 and 5,140, while support lies at 5,050 and the critical 5,000 level. Overall, the suggested trading approach for gold today is to prioritize selling on rebounds, with buying on dips as a secondary strategy. Short-term resistance is at 5,130–5,180, and support is at 5,030–4,980.

Crude Oil Market Trend Analysis: In early Asian trading on Friday (March 6, Beijing time), U.S. crude oil traded around $79.15 per barrel. Oil prices surged nearly 4% on Thursday due to escalating conflicts between the U.S., Israel, and Iran, disrupting Middle Eastern oil supply and transportation and forcing some major producers to cut output. Brent crude futures rose about 5%, marking the fifth consecutive day of gains, while U.S. crude increased nearly 4%, hitting a new high since July 2024 at $82.16 per barrel. John Kilduff, a partner at Again Capital, noted that tensions in the Strait of Hormuz and prolonged delays in production resumption after output cuts by several countries are key drivers of the sustained price increase.

Technically, on the daily chart, oil prices have risen above $70. The moving averages are in a bullish alignment, indicating an upward medium-term trend. The MACD indicator is expanding above the zero line, suggesting dominant bullish momentum. The medium-term outlook remains upward. On the 1-hour chart, oil prices have been consolidating at high levels for two trading sessions, forming a secondary correction pattern. Prices have repeatedly crossed the moving averages, reflecting a short-term sideways trend. The MACD indicator is gradually retreating from high levels, indicating weakening bullish momentum. A triangle continuation pattern is emerging. Today, oil prices are expected to maintain a bullish trend. The recommended trading strategy is to prioritize buying on dips, with selling on rebounds as a secondary approach. Short-term resistance is at $82.00–$84.00, and support is at $77.00–$75.00.