The market continues to game the magnitude of the December interest rate hike, energy, geopolitical conflicts, and other issues and frequent disturbances to the macro sentiment. Nickel price is difficult to have a trend under the competition between bears and bulls, and it will continue to shock back down.

High inflation is difficult to ease shortly, the monetary policies in Europe and the US are difficult to turn, and the cumulative negative impact of the high interest rates will continue to emerge. Also, global economic growth will slow down, demand growth will descend, while the supply side maintains a high growth, and the loosening of supply and demand will drag copper prices down further.

There is still significant room for gold to rise overall. But Powell's speech can cause some volatility in this week's trend. The market expectations have clearly "jumped the gun," which is not what the Federal Reserve (Fed) would like to see. The Fed has dampened market expectations several times in the past. And from Powell's attitude at the November meeting and the recent speeches of many officials, Powell can dampen market expectations again this week, causing gold to pull back.

The current ETH 4-hour and daily trend are overall bearish, and in the short term, we still look at the support near 1070. If it breaks down, we will continue to go short, and if it doesn't break down, we will continue to maintain the oscillation mindset.

The Fed policies are dynamic, but the market is trading in favor of the tightening cycle coming to a close. Speeches by Powell and several officials this week may revise market expectations. While the big news of the economic data may generate new anticipations as well.

Due to stronger inflation resilience, the low inventory problem may become more serious and the space above silver prices may be stronger than gold. Thus, the retracements are opportunities to build positions.