Analysis of gold news: In the US market on Tuesday (October 9), the price of gold fluctuated. As the war between Israel and Hamas continued to unfold and the consequences were very uncertain, safe-haven buying increased. As of press time, spot gold was trading at $1,854.54 per ounce, down 0.35% on the day. Market risk sentiment is positive, with gold consolidating at a high level after yesterday’s surge. Gold prices once climbed to $1,865 an ounce, the highest since September 29. Gold prices rose about 1.6% on Monday, their biggest one-day gain in five months. Gold prices have also benefited from changing sentiments on the outlook for interest rates. U.S. policymakers agree that the recent surge in U.S. Treasury yields, which reversed on Tuesday, could displace further increases in benchmark interest rates. Higher interest rates are generally negative for non-interest-bearing gold. As the Israeli-Palestinian conflict escalates, Israel carries out deadly strikes in the Gaza Strip in retaliation for Hamas’ devastating attacks. Barr, the Federal Reserve’s vice chairman of financial affairs, mentioned at another event the September non-farm payrolls report that unexpectedly “exploded” last Friday. He believes that some important factors indicate that supply and demand in the U.S. labor market are tending to a better balance.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the first-line resistance of 1875 at the top and the first-line support of 1845 at the bottom.
Analysis of crude oil news: In the U.S. market on Tuesday (October 10), U.S. crude oil prices were trading around $86.20 per barrel. As the conflict between Israel and Hamas entered its third day, U.S. oil and cloth prices both rose by more than 4% on Monday. If the war spreads and Iran and Lebanon are involved, oil prices are expected to rise even more. For this conflict to have a lasting and meaningful impact on the oil market, there must be sustained reductions in oil supply or shipments, otherwise, as history shows, positive oil price reactions tend to be temporary and easily overwhelmed by other market forces , the conflict does not directly threaten any major source of oil supply. Neither side is a major oil country. Israel has two refineries with a combined daily output of nearly 300,000 barrels. According to the U.S. Energy Information Administration (EIA), the country has “little to no crude oil and condensate production.” Likewise, EIA data shows that the Palestinian territories produce no oil. Yet the conflict lies on the doorstep of a key oil-producing and exporting region for global consumers. There are concerns that the conflict could spread to Iran. There is also the risk of conflict escalation. If Iran is involved, supply problems may also arise. If the United States imposes sanctions on Iranian exports, it may have a “considerable impact on the oil market.” Some analysts predict that due to 40% of the world’s Oil exports pass through the Strait of Hormuz, and the conflict between Israel and Iran could easily lead to higher oil prices. The Strait of Hormuz, located between Oman and Iran, is considered the world’s most important oil shipping chokepoint. However, it’s not just Iran that investors need to watch. If the Lebanese militant group Hezbollah becomes involved, crude prices could continue to rise.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows. Focus on the first-line resistance of 85.9 at the top and the first-line support of 83.2 at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
