Analysis of gold news: Last Friday (December 8), the U.S. non-farm payrolls report for November was unexpectedly strong. Nonfarm employment increased by 199,000 last month, the unemployment rate fell to 3.7%, and monthly wage growth exceeded expectations. Meanwhile, U.S. consumer confidence rebounded sharply in early December, beating all forecasts, as households cut their inflation expectations for the year ahead to their highest level in 22 years. The trend of gold was further weakened, and the bearish pressure once again hit the price of gold, causing the price of gold to drop to around $2,000. After the release of better-than-expected US employment data, the situation does not seem to be getting better. Next week, markets will await the Fed’s meeting statement. Some analysts say next week will be an important test for the gold market, as a hawkish Federal Reserve could put downward pressure on an already sensitive market after gold prices tumbled.
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 2012 first-line resistance, and on the bottom, focus on the 1983 first-line support.
Analysis of crude oil news: In the U.S. market last Friday (December 8), crude oil prices were trading around $71.25/barrel. After U.S. data supported expectations of demand growth, optimism about a soft landing in the United States increased. Oil prices rose more than 2% on Friday, but both benchmark indexes fell for a seventh straight week, their longest losing streak in five years, as a supply glut persisted. Because worries about a global supply glut continue to keep the bears in control. Data from the U.S. Labor Department showed stronger-than-expected job growth, a sign of strength in the labor market that should support fuel demand in the largest oil market as the U.S. economy improves. U.S. gasoline demand lagged the 10-year seasonal average by 2.5% last week and gasoline inventories rose by 5.4 million barrels, more than four times forecast, government data showed on Wednesday, sending gasoline prices tumbling. Saudi Arabia and Russia, the world’s two largest oil exporters, called on all OPEC members on Thursday to join a production-cut deal for the benefit of the global economy, just days after a tense meeting of producers’ clubs. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC, have agreed to cut production by a combined 2.2 million barrels per day in the first quarter of next year. Russian Deputy Prime Minister Novak said on Friday that the OPEC group of major oil producers would be ready to make a decision if the market situation requires it. “We will analyze the situation in the oil market and take appropriate decisions if necessary,” Novak told reporters. Novak said the oil market situation requires all parties to make a joint decision. The OPEC alliance last week agreed to voluntarily cut supply by a total of about 2.2 million barrels per day, including extending existing 1.3 million barrels per day of voluntary production cuts by Saudi Arabia and Russia to support the sluggish oil market.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 73.0 at the top and the first-line support of 70.2 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
