Analysis of gold news: Spot gold fell sharply in the short term before the U.S. market on Tuesday (October 24), hitting a low of around $1,953. The U.S. dollar index rose strongly and has now successfully stood above the 106 mark. Gold prices extended their losses on a stronger dollar and rising Treasury yields, moving further away from the five-month high hit last week, while traders kept a close eye on U.S. economic data and tensions in the Middle East. The United States will usher in key GDP data this week. Before that, some analysts warned not to be fooled by strong economic growth. A recession may still be around the corner. Investors should not be fooled by strong GDP growth over the next quarter or two, as a recession could still be on the horizon. The Palestinians and Israelis have reached an agreement to provide aid to those affected in Gaza, and two Israeli hostages have returned home. This conversation could lead to a temporary reprieve from a frenzied war. Fighting is expected to continue, of course, but Israel may be willing to delay a ground offensive in order to safely return more hostages. Therefore, the gold market takes this opportunity to avoid some risks and reassess its next move. The gold market may face further selling pressure as preliminary U.S. economic data showed better-than-expected economic activity in October, with both manufacturing and services expanding.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the first-line resistance of 1990, and on the bottom, focus on the first-line support of 1960.
Analysis of crude oil news: In the US market on Tuesday (October 24), crude oil prices were trading around US$83.8/barrel. Crude oil prices fell nearly 3% on Monday amid optimism among investors as diplomatic efforts to ease tensions in the Middle East eased potential supply constraints caused by the Israeli-Palestinian conflict. Crude oil prices plunged about 3% on Monday, as diplomatic efforts by many countries erased the bullish sentiment that had driven the market higher over the past two weeks. However, although the current war has not yet brought obvious risks to the oil trade, analysis shows that the fundamental reason affecting the trend of crude oil recently is major political events. However, these events have not yet presented any significant risks in crude oil trading. The key issue is that crude oil’s value is realized through actual demand, and unlike gold or the dollar, it is not just an asset that benefits from safe-haven demand. That said, supply is at risk and prices don’t necessarily have to keep rising, the opposite can happen. However, as with any conflict involved in multi-level decision-making, the possibility of a peaceful resolution remains. Of course, in addition to political factors, there is also news from the market that affects crude oil prices. The price trend of the oil market continues to depend on developments in the Middle East, and we hope investors will pay attention.
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 85.0 at the top and the first-line support of 82.0 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
