Analysis of gold news: In the US market on Thursday (November 9), gold bottomed out and rebounded higher. U.S. jobless claims rose for a seventh consecutive week, providing further evidence that the labor market is cooling. As of press time, spot gold has risen by nearly $13 in the short term and is currently trading at $1,962.87 per ounce. The number of people filing for unemployment benefits in the United States last week was basically the same as the previous data, recording 217,000. The four-week average is rising but remains well below levels seen during the summer. Therefore, it is expected that there will not be much reaction in the market. Talk of a gradual slowdown in the job market has been building since a slew of data was released last week. Gold has fallen continuously in recent days as demand for safe havens cooled, while focus turned to Federal Reserve Chairman Jerome Powell’s speech as traders looked to for clues on interest rates. Gold prices have fallen more than $50 after hitting the $2,000 level last week.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the first-line resistance of 1970, and on the bottom, focus on the first-line support of 1943.
Analysis of crude oil news: In the U.S. market on Thursday (November 9), crude oil prices were trading around US$75.50 per barrel. Due to concerns about weakening demand for crude oil in various countries, oil prices fell more than 2% on Wednesday, to more than three months. lowest level to come. U.S. crude inventories rose by nearly 12 million barrels last week, market sources said late Tuesday, citing data from the American Petroleum Institute, also weighing on oil prices. If confirmed, this would be the largest increase since February. However, the U.S. Energy Information Administration (EIA) has postponed the release of weekly oil inventory data to November 15. The EIA said on Tuesday that U.S. crude oil production will be slightly lower than expected this year, but oil consumption will fall by 300,000 barrels per day, reversing its previous forecast of 100,000 barrels per day of growth. Weak demand worries investors. Brent crude fell below $80 a barrel for the first time in more than three months as a weak fuel demand outlook overshadowed concerns that a crisis in the Middle East could lead to supply disruptions. During the Palestinian-Israeli conflict, oil prices once soared to over $90/barrel. But now that supply from the Persian Gulf has so far been unaffected by the conflict, attention has turned to macroeconomic deterioration and weak oil fundamentals, with neither the U.S. nor Europe looking optimistic. Data from China, the world’s largest crude importer, showed its total exports of goods and services shrank faster than expected, adding to concerns about the outlook for energy demand. The fall in international oil prices is mainly due to the fact that overseas economic recovery is less than expected. For example, the U.S. unemployment rate has exceeded expectations in the past two months, and the new orders index has accelerated its contraction. At the same time, there are no signs of tightening on the supply side. In the long term, the supply and demand pattern is relatively loose, but in the short term there may be production cuts on the supply side, and there may be some support for prices.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows. The top should focus on the first-line resistance of 77.2, and the bottom should focus on the first-line support of 74.4.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
