On the final trading day of August, the benchmark 10-year Treasury yield climbed 4.7 basis points to close at 4.728%, while the policy-sensitive 2-year yield advanced 12.2 basis points to settle at 4.366%. With the US dollar and Treasury yields firming, spot gold experienced a sharp plunge during US trading hours, hitting an intraday low of $4445.52—nearly $200 below the day's peak—before ultimately closing 3.22% lower at $4454.28 per ounce. Spot silver dropped 4.25% to settle at $66.31 per ounce. Meanwhile, crude oil traded with a downward bias as market participants weighed signals on the Federal Reserve's anti-inflation stance along with reports suggesting a potential agreement on shipping through the Strait of Hormuz.

WTI crude hovered around the $82 threshold, ultimately closing 0.21% lower at $82.76 per barrel, while Brent crude fell 0.33% to finish at $87.97 per barrel.

Gold's Latest Technical Trajectory

Last week, the precious metal opened at $4613.70 per ounce before initially rallying to a weekly peak of $4697.50, where it then encountered selling pressure. Following Friday's fundamental-driven selloff, the market plunged to a weekly low of $4444.70 per ounce before stabilizing. The weekly candle closed at $4454.40, forming a substantial bearish engulfing pattern with a pronounced upper shadow. This closing structure suggests that the market carries notable technical overhead resistance heading into the new trading week.

Summarizing the picture: Following Friday's sharp correction, gold bears have reached prior support-turned-resistance zones, raising the likelihood of a base-building rebound from the bulls. For today's session, the preferred approach leans toward buying dips as the primary strategy, with selling rallies as a secondary tactic. Key resistance is identified at $4500-4535, while support lies at $4420-4400.

Crude Oil's Latest Market Dynamics

In the crude space, US WTI opened the week at $87.00 per barrel, climbed marginally to $87.11, then weakened considerably, testing a weekly low of $80.11 before staging a robust recovery. The weekly close came in at $83.87, forming a mid-range bearish candle with an extended lower shadow—a pattern that typically signals underlying bullish strength.

Assessment: The market gapped higher at today's open, further confirming the constructive setup. The primary focus remains on continuation of the upward move. The trading strategy favors buying pullbacks as the main approach, with short-term selling on strength as a secondary option. Resistance is seen at $86.4-87.9, while support is positioned at $84.0-83.3.

Nasdaq Index's Latest Movement

The Nasdaq index commenced last week at 29316.5, slipped to a weekly low of 28856.62, then rallied impressively to reach a high of 29749.33 before fading into the weekend. The index eventually settled at 29448.75, forming a spinning top candle where the lower shadow exceeded the upper shadow. This technical structure implies the index retains a solid chance of stabilizing and resuming its upward path.

Analysis: The index's opening dip today injects some negative sentiment for bulls, yet as long as last week's consolidation low remains protected, the upside momentum should persist. The recommended approach for today is to accumulate long positions on dips, using rallies as secondary opportunities. Key resistance levels to monitor are 29450-29650, with crucial support at 29100-28850.

This market commentary is prepared for informational purposes only and should not be construed as investment advice. Market participants are reminded that all trading decisions carry inherent risk, and independent judgment is strongly advised.