Spot gold is facing sustained pressure as market pricing indicates a greater than 94% probability of a Federal Reserve rate hike, with US Treasury yields climbing to nearly 5.04%, the highest level since 2007. This strong dollar environment continues to weigh on non-yielding assets, and despite escalating geopolitical tensions in the Middle East, gold's safe-haven appeal is proving largely ineffective against high interest rates.

Gold is currently trading in the 4286-4294 US dollar per ounce range, marking a fourth consecutive daily decline. The moving average system is showing a bearish alignment, and the MACD indicator is operating in negative territory. In contrast, domestic Shanghai gold is showing relative resilience, supported by exchange rate factors, trading between 929-937 yuan per gram.

Key technical levels to monitor include resistance in the 4317-4330 US dollar range, which serves as the critical strength-weakness dividing line, and support in the 4260-4270 US dollar zone, which aligns with the 50-day moving average as a core defensive position. Based on the overall technical analysis, the recommended morning approach leans toward selling on rallies as the primary strategy, with buying on dips as a secondary consideration. The key pivot level for gold stands at 4300 US dollars per ounce, with current pricing around 4286 US dollars.

For the morning gold trading strategy, the suggested entry points are as follows: for aggressive traders, consider short positions at 4305-4310, while conservative traders may look at 4325-4330, with a stop-loss of 10 US dollars on each position and a target of 4270, holding for a potential breakout. For long positions, aggressive traders might enter at 4265-4260, while conservative traders could consider 4235-4230, also with 10 US dollar stop-losses and a target of 4300, holding for a breakout. These recommendations serve as reference points only, and given the extreme market conditions, strict risk management is essential.

Turning to WTI crude oil, supply concerns remain elevated following an attack on Saudi Arabia's east-west pipeline, which halted operations and affected approximately 4% of global supply, along with suspended loading at the Yanbu port. Shipping disruptions in the Strait of Hormuz and the Bab el-Mandeb Strait, coupled with production halts at Libyan oil fields, continue to support supply risk premiums. WTI crude is trading between 105-106 US dollars per barrel, with Brent crude at 108-109 US dollars, while domestic SC crude has broken through 900 yuan per barrel, reaching a historic high.

For WTI, immediate support lies in the 104.0-103.0 US dollar area, with resistance at 107-108.2 US dollars. The recommended morning approach favors buying on dips as the primary strategy, with selling on strength as a secondary option. The key pivot level for WTI stands at 104.2 US dollars per barrel, with current pricing at 105.2 US dollars.

For the morning crude oil trading strategy, the suggested entry points are: for aggressive traders, short positions around 107.0 (plus or minus 0.2), while conservative traders may target 108.0 (plus or minus 0.2), with stop-losses of 0.8 points each and a target of 102.0, holding for a breakout. For long positions, aggressive traders might consider entering around 104.3 (plus or minus 0.2), while conservative traders could look at 103.0 (plus or minus 0.2), also with 0.8 point stop-losses and a target of 105.0, holding for a breakout.

Please note that the above analysis is for reference only, and given the extreme market volatility, implementing strict risk controls is strongly advised.