Analysis of gold news: On Thursday, the annual rate of U.S. CPI without seasonally adjustment was recorded at 3.7% in September, and the annual rate of U.S. core CPI without seasonally adjustment in September was recorded at 4.1%, which was the smallest increase since September 2021 and has been declining for six consecutive months; the U.S. The seasonally adjusted monthly CPI rate in September was 0.3%, which was also down from the previous month. U.S. CPI rose for a second consecutive month in September, which may support the Federal Reserve’s intention to keep interest rates higher for longer. After the data was released, spot gold fell by about $10 in the short term, falling below the $1,880 mark, and the U.S. dollar index once returned to above 106. So far, gold is hovering near the 1870 mark.
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 1885 at the top and the first-line support of 1860 at the bottom.
Crude oil news analysis: In the U.S. market on Thursday (October 12), U.S. crude oil prices were trading around $83.7 per barrel. Oil prices lost support due to political factors and crude supply risks persisted, with crude oil trading remaining within Monday’s range. OPEC’s top oil producer Saudi Arabia pledged to help stabilize the market, a day after concerns over supply disruptions from conflict in the Middle East receded. Oil markets are expected to remain tight as the war situation disrupts supply chains. Russia and Saudi Arabia will discuss the oil market situation and oil prices, TASS news agency reported. The current deepening of conflicts in the Middle East may affect the oil market. On Wednesday, the EIA’s short-term energy outlook report estimated that U.S. crude oil production would be 12.92 million barrels per day in 2023, compared with the previous expectation of 12.78 million barrels per day. U.S. crude oil production is expected to be 13.12 million barrels per day in 2024, compared with the previous forecast of 13.16 million barrels per day; the daily crude oil production of OPEC members in 2024 will be 300,000 barrels less than in 2023. U.S. crude oil production is expected to increase by 1.01 million barrels per day in 2023, compared with the previous expectation of an increase of 870,000 barrels per day. As investors await further developments in tensions in the Middle East and the market is nervous about the spillover effects that the conflict may have on the wider Middle East, crude oil prices will continue to remain low and volatile in the short term.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the first-line resistance of 83.7 at the top and the first-line support of 80.9 at the bottom.
The operation of gold and crude oil strategy must be done carefully, the above strategies are recommended only for reference.
