Analysis of gold news: In the U.S. market on Wednesday (October 18), gold prices rose sharply as the potential escalation of the war between Israel and Hamas boosted demand for safe havens. An explosion at a Gaza hospital reportedly killed hundreds of Palestinians, signaling a possible escalation in the conflict, especially after the leaders of Egypt and Palestine canceled meetings with U.S. President Joe Biden following the attack. The move raised concerns that Israel’s conflict with Hamas could spill over into other Arab countries, causing the war to spread to the wider Middle East. Analysts from industry institutions warned in a report: “We judge that the risk is that the conflict between Israel and Hamas will escalate and spread to other countries in the Middle East.” “A sharp increase in volatility and a downward revision of the global economic growth outlook are possible.” This Gold has seen strong inflows following the move, which boosted investor demand for safe-haven assets. Spot gold continued to rise, standing above 1960, reaching a maximum of $1962.66 per ounce, a new high since August. It is now trading at $1,945.95 per ounce, up 1.71% on the day.
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 1962 at the top and the first-line support of 1933 at the bottom.
Analysis of crude oil news: U.S. crude oil encountered resistance and fell on Wednesday (October 18); oil prices rose slightly on Tuesday as investors waited to see whether U.S. diplomatic efforts and President Biden’s trip to Israel could prevent the escalation of conflicts in the Middle East. “Oil prices are swinging, and energy traders are waiting to see whether U.S. diplomatic efforts can succeed in preventing the Israel-Hamas conflict from turning into a wider regional war,” analysts said. Market analysts said rising U.S. long-term borrowing costs are giving demand Putting downward pressure, it is unclear how this will affect the central bank’s interest rate decision in three weeks. Raising interest rates to curb inflation could slow economic growth and reduce oil demand. Both oil benchmarks rose last week on concerns that the conflict between Israel and Hamas could expand into the oil-producing region. Brent crude, the global benchmark, rose 7.5%, its biggest weekly gain since February. U.S. retail sales rose more than expected in September as households increased purchases of motor vehicles and spent more at restaurants and bars, providing some support for crude oil prices. Analysts said “traders remain on high alert” and oil prices remained in a holding pattern. “In the current environment, many investors are reluctant to bet directly on crude oil, but are actively buying call options when crude oil supply is affected. This is a low-confidence, highly volatile trading environment.”
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the 88.3 first-line resistance at the top and the 85.5 first-line support at the bottom.
The operation for gold and crude oil must be done carefully, the above strategies are recommended only for reference.
