Analysis of gold news: On Wednesday (October 11), spot gold continued its gains and rebounded to a high; as the focus shifted to the Middle East and political tensions disrupted global markets, precious metal futures continued to be supported by safe-haven buying, but some investors Gold prices stayed near a one-week high on Tuesday as they cautiously returned to riskier assets and awaited further clues on the Fed’s policy stance. The gold market has come under pressure in recent months as demand for the U.S. dollar has increased amid global uncertainty. However, a resurgence of political risk could reverse this trend. Such a development could reignite demand for gold in the final quarter, reducing the appeal of the currently overbought dollar. The gold market opened with a gap as rising risk perceptions led to increased demand for the commodity. Some reports predict that as bond yields continue to rise and the U.S. economy remains strong, gold may face continued turmoil in the coming weeks. Gold’s response to rising political tensions may be tempered by inflation expectations and investor concerns about the Fed’s interest rate outlook; the Fed has left the door open for another rate hike before the end of 2023, but dovish and hawkish comments from different Fed officials on Tuesday put a damper on The way forward becomes blurry.
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 1890 at the top and the first-line support of 1863 at the bottom.
Analysis of crude oil news: On Wednesday (October 11), the upward trend of U.S. crude oil was blocked and weakly corrected; oil prices fluctuated sharply amidst the escalation of risks, and fell back on Tuesday after rising sharply on Monday. The war between Israel and the Palestinian Islamic organization Hamas may lead to Concerns about supply disruptions have eased, but market sentiment is relatively cautious and investors are still refraining from aggressive selling as they are watching further developments ahead. Global markets started the week with heightened volatility as Palestinian-Israeli tensions escalated. These political factors add to an already eventful week for global markets. It is worth noting that the release of US CPI data becomes even more important following last week’s surprising employment data. However, if tensions in the Middle East continue to escalate, markets are likely to factor in political risks this week. That could temporarily overshadow this week’s major economic developments. Analysts said an armed conflict between Israel and Hamas was unlikely to disrupt physical crude flows because of U.S. government policies to limit supply disruptions. Macquarie noted that there are some upside risks to oil prices related to conflicts in the Middle East, but overall remains bearish due to OPEC’s weakening ability to meet its contract and rising low-end crude oil production in the United States, North Sea and Brazil.
Today’s crude oil strategy：It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows and longs. Focus on the first-line resistance of 83.1 at the top and the first-line support of 80.3 at the bottom.
