Analysis of gold news: Last Friday, the U.S. market continued its recent series of declines, with gold prices falling to a low in more than three months. Previously, several Fed officials warned that the market should not bet on the Fed stopping raising interest rates. Safe-haven demand for gold also weakened as markets priced in less the risk of a war between Israel and Hamas. Spot gold prices fell 1.04% to $1,938.18 per ounce, falling as low as $1,932. The Fed has raised interest rates by 5.25 percentage points since March 2022 in an attempt to bring inflation down from a four-year high. Fed officials, who keep a close eye on consumer attitudes toward price trends, want to see inflation expectations fall before changing consumer behavior and reversing their gains in slowing price increases. This week, several Federal Reserve officials warned again that U.S. interest rates will remain high for longer and that the market should remain vigilant and not bet on rate cuts prematurely. They noted that inflation is a sticky problem and the resilience shown by the U.S. economy could mean more rate hikes this year.
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 1953, and on the bottom, focus on the first-line support of 1927.
Analysis of crude oil news: U.S. crude oil rebounded slightly last Friday (November 10); Federal Reserve Chairman Jerome Powell’s remarks suggesting that interest rates may be raised in the future shook the stock market and crude oil market’s hopes for strong demand. The Brent crude oil benchmark settled above $80 a barrel on Thursday, nearly $20 a barrel below its peak in September. WTI once rose to US$77.00/barrel, and then fell back to around US$75.00/barrel. The sell-off earlier in the week came after demand concerns and falling war risk premiums triggered the sell-off earlier this week. On Thursday, Federal Reserve Chairman Jerome Powell’s comments hinting at possible future interest rate hikes shook hopes for strong demand in stocks and crude oil markets. The Brent crude oil benchmark settled above $80 a barrel on Thursday, nearly $20 a barrel below its peak in September. The sell-off earlier in the week came after demand concerns and falling war risk premiums triggered the sell-off earlier this week. Analysts said that Thursday’s gains showed that the market is repositioning fundamental supply and demand issues, “I think we are seeing the market saying that the selling has been excessive.” Affected by the adjustment of international oil prices, the net value of many crude oil theme QDIIs has experienced a significant retracement recently, but , due to the popularity of the secondary market, some crude oil QDII showed a higher premium.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows. The top should focus on the first-line resistance of 78.0, and the bottom should focus on the first-line support of 75.1.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
