Analysis of gold news: In the US market on Tuesday (October 31), the price of gold was trading around US$1,990 per ounce, as the uncertainty of the Palestinian-Israeli conflict and this week’s Federal Reserve meeting promoted the safe-haven demand for gold. In addition to tensions in the Middle East, higher expectations for the Federal Reserve’s monetary stabilization policy on Wednesday also continued to support gold prices. Fed policymakers have been supportive of keeping interest rates unchanged in a range of 5.25-5.50% as long-term U.S. bond yields rise and price pressures continue to ease. The Fed is expected to advocate for higher interest rates for longer as strong consumer spending and tight employment conditions threaten to make the inflation outlook stubborn. Typically, a strong U.S. dollar puts pressure on U.S. dollar-denominated precious metal prices. The U.S. dollar index has gained about 6% since early July. A higher interest rate environment means investors can earn attractive returns by putting money into U.S. Treasuries instead of gold. This year, central banks have increased their gold holdings more than previously expected, providing crucial support for gold prices that are facing pressure from global monetary tightening. The World Gold Council said in a report on Tuesday that countries added 337 tons of gold reserves in the three months to September. This follows an increase of 175 tonnes in the second quarter, higher than the committee’s previous estimate of 103 tonnes. Central bank purchases now total 800 tonnes in the first nine months of the year, driven mainly by China, Poland and Singapore, as well as unreported purchases. This growth rate exceeds the volume during the same period last year, when demand hit an all-time high. The buying frenzy has played an important role in balancing investor selling over the past year, supporting gold prices last week above $2,000 an ounce for the first time since May.
Today’s gold strategy sharing: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the 1995 first-line resistance, and on the bottom, focus on the 1965 first-line support.
Analysis of crude oil news: In the US market on Tuesday (October 31), crude oil prices were trading around US$81.66 per barrel. Oil prices fell more than 3% on Monday due to concerns that the Palestinian-Israeli conflict will disrupt supply in the region. eased and investors became more cautious ahead of this week’s Federal Reserve meeting. Crude prices rose 3% on Friday, raising concerns that the conflict could widen in a region that accounts for a third of global oil production. However, analysts said that concern was fading on Monday. Some analysts said: The war premium has exited the market. The war seemed to intensify over the weekend, but supplies did not appear to be disrupted. Market users of all stripes tend to be at least somewhat long oil over the weekend, and this fear hedging typically unwinds when fears of contagion are not confirmed. Without any disruption to oil transportation in the waters around the war zone, it is difficult to maintain the risk of a war premium for crude oil simply because of the short distance. A ground invasion is widely expected despite Hamas’ escalating war with Israel. The weekend’s games suggested there would be no further expansion into a wider regional war, which sent oil prices lower. The key economic data this week will be Friday’s October non-farm payrolls report. 336,000 jobs were added in September, and economists expect a modest gain of 182,000 jobs, still consistent with a strong labor market. The unemployment rate is expected to remain at 3.8%, while wage growth is expected to slow to 4% year-on-year, which would mark a post-pandemic low and could help reinforce the Fed’s view that price pressures are easing and do not need to be Further raise interest rates to ease the pressure on economic activities in oil-consuming countries around the world.
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 82.5 at the top and the first-line support of 79.5 at the bottom.
The operation for gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
