News

Golden Ten Data reported on March 16 that the US dollar broke through the key psychological level of 60 against the Philippine peso on Monday, setting a new intraday historical high. Foreign exchange strategists from OCBC Global Research stated in a report that Asian currencies are generally sensitive to factors such as oil price fluctuations, global risk sentiment, and US dollar weakness. Rising oil prices pose trade headwinds for several regional economies, further increasing the pressure faced by Asian currencies including the Philippine peso.

(1) Pepperstone research strategist Dilin Wu stated that maintaining spot gold prices above $5,000 per ounce may be crucial for its near-term price trajectory. If the $5,000 level is clearly breached, gold prices could further drop to the support zone of $4,850-$4,900 per ounce.(2) The strategist pointed out that if gold prices stabilize, the next resistance levels to watch will be $5,100 and $5,250. A strong US dollar and leveraged long liquidations may put pressure on gold, while institutional and central bank buying provide support.(3) He added that escalating geopolitical tensions or a hawkish stance by the Federal Reserve could trigger greater volatility. Spot gold is currently up 0.3% to $5,032.24 per ounce.

Jinse Finance reported that on March 16, Matrixport released its daily chart analysis, stating that over the past two weeks, both its daily and weekly market insights have consistently emphasized the potential for an upward trend, even when overall market sentiment and positions were still leaning bearish. This judgment has now been validated. Notably, in the daily insights on February 25, Matrixport pointed out the possibility of an increase in Circle stock, which subsequently surged nearly 100% in less than three weeks. As the stock price approaches resistance levels, market focus may begin to shift toward other emerging opportunities. This once again highlights the importance of understanding market structure and position status, rather than simply reacting to news headlines or mainstream sentiment. With technical indicators improving and liquidation activity remaining subdued, the market may be laying the foundation for a new round of gains. Although overall trading volume remains low, our sentiment indicators have shown significant improvement.