Analysis of gold news: Last Friday (October 6), spot gold closed at $1,831.82 per ounce, up $11.72 or 0.64% that day, but fell by $16.87 or 0.91% last week. After falling 3% last week, gold prices continued to fall last week, falling by nearly 1%. Soaring global bond yields continued to weigh heavily on gold as markets assessed the potential impact of the latest strong macroeconomic data from the United States on the Fed’s policy outlook. The U.S. Bureau of Labor Statistics announced in Friday’s employment report that U.S. nonfarm payroll employment (NFP) increased by 336,000 in September. In addition, non-farm employment data for July and August were revised upward by 79,000 and 40,000 respectively. The U.S. Bureau of Labor Statistics noted: “With these revisions, employment in July and August combined was 119,000 higher than previously reported.” After two days of correction, the dollar rebounded in early U.S. trading, Limiting gold’s upside. However, the trend soon reversed, with the US dollar rising and falling, and gold prices rebounding strongly, but the week still ended with a decline. Next week the market will focus on the U.S. Consumer Price Index (CPI), which may confirm or deny that the Federal Reserve will raise interest rates again in 2023.
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 -1865 first-line resistance, and on the bottom, focus on the 1838 first-line support.
Analysis of crude oil news: In the U.S. market last Friday (October 6), U.S. crude oil prices were trading around $81.79 per barrel. The current uncertain demand outlook has overshadowed OPEC’s decision to maintain oil production cuts, and investors have panicked about supply and demand, causing oil prices to continue to fall. Oil prices plunged despite a ministerial group meeting between OPEC, the Organization of the Petroleum Exporting Countries and allies led by Russia. The group’s oil output policy has not changed, with Saudi Arabia saying it will maintain voluntary production cuts of 100.3 million barrels per day until the end of 2023, while Russia will maintain voluntary export limits of 300,000 barrels per day until the end of 2023. Russia also said there was no deadline for lifting a ban on fuel exports in response to high local gasoline and diesel prices. Oil prices fell as renewed concerns about a global economic slowdown led traders to take profits, even as OPEC nations aimed to keep supplies tight. According to Reuters citing sources, the reason for the decline in oil prices is “a large number of hedge fund liquidations due to concerns that rising interest rates due to inflation will continue to weaken fuel demand.” Some analysts said that despite OPEC’s best efforts to limit output, future Global oil production is likely to grow in the coming months, which has also weighed on crude prices.
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 86.0 at the top and the first-line support of 83.6 at the bottom.
The execution of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
