Analysis of gold news: As the intensifying conflict in the Middle East caused investors to rush into safe-haven assets, the price of gold rose more than 3% on Friday, setting the largest weekly increase since mid-March. Gold was more than 90 US dollars higher than last week’s closing price. . At the close of trading on Friday (October 13), spot gold rose 3.42% to close at $1,932.71 per ounce. Gold prices rose late Thursday after the Israeli government warned more than 1 million people in northern Gaza to evacuate the area as the war with Hamas escalated. There are also growing rumors that Israel is preparing to launch a large-scale ground attack on Gaza. This has spurred inflows into assets considered safe havens, such as gold. Gold prices rose as much as 1.7% on Monday as financial markets braced for headwinds and volatility from militant attacks in Gaza. Regarding the Federal Reserve, Dallas Fed President Logan said that given the recent surge in U.S. long-term Treasury yields, the need for the Fed to further raise its benchmark interest rate may be reduced. During the day, Barr, the Federal Reserve’s Vice Chairman responsible for supervising 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 1935 at the top and the first-line support of 1910 at the bottom.
Analysis of crude oil news: U.S. crude oil rebounded and rebounded last Friday (October 13) but was blocked and pulled back; the International Energy Agency (IEA) said on Thursday that after Hamas attacked Israel, geopolitical risks in the Middle East escalated and the oil market was tense. status, there is uncertainty about how events will develop or to what extent conflict may spread. Oil prices surged on Monday after a Hamas attack on Israel reignited tensions in the Middle East and resurfaced a war premium in the market. The IEA said in the report: “While physical supply has not been directly affected, the market will still be on pins and needles as the crisis unfolds.” The IEA said: “Global oil demand growth will slow to 900,000 barrels per day in 2024, as The post-pandemic rebound lost momentum while economic expansion slowed and improvements in energy efficiency weighed on oil use.” Fear spread again, leading to a similar reaction to what we saw on Monday. Risk assets sold off quickly, and crude oil prices surged again. Analysts said that while the market would be “evaluating the situation on a daily basis”, “one scenario is that oil prices do rise significantly” in response to possible supply disruptions in the region.
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 87.8 at the top and the first-line support of 85.0 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
