Analysis of gold news: On Thursday (November 16), U.S. Department of Labor data showed that the number of initial jobless claims increased by 13,000 to 231,000 in the week of November 11, while market expectations were for an increase of 220,000. The labor market is cooling as rising interest rates dampen demand. The report showed that the number of people continuing to claim unemployment benefits increased by 32,000 to 1.865 million, and has been increasing since September. Most economists attribute the increase to difficulties adjusting the data for seasonal fluctuations rather than substantive changes in the labor market. They expect the issue will be resolved next spring when the government revise its data. The number of people filing for unemployment benefits in the United States rose to the highest level in nearly two years, highlighting the growing challenges that unemployed workers face in finding new jobs. Gold prices stabilized after the data, resuming gains after stronger-than-expected U.S. retail sales data cast some uncertainty on the path of U.S. monetary policy. Spot gold rose sharply in the short term, standing above 1980, reaching a maximum of $1987.90 per ounce, with an intraday increase of 1.16%. The number of people filing for unemployment benefits in the United States rose more than expected last week, indicating that labor market conditions continue to ease, which may help the Federal Reserve fight inflation.
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 1995 at the top and the first-line support of 1970 at the bottom.
Analysis of crude oil news: In the U.S. market on Thursday (November 16), crude oil prices were trading around $73.30/barrel, due to a larger-than-expected increase in U.S. crude oil inventories, record production from the world’s largest oil producer, and demand for Asia. Concerns have intensified, putting pressure on crude oil prices, which fell more than 2% on Wednesday (November 15). Data show that crude oil exports increased last week to a new high since August, and Cushing crude oil inventories increased to a new high since September. The U.S. Energy Information Administration (EIA) said that U.S. crude oil inventories increased by 3.6 million barrels in the week of November 3 to 421.9 million barrels, far exceeding the 1.8 million barrel increase expected by analysts in the survey. U.S. crude oil inventories were 439 million barrels in the week of November 3, a new high since August, and were 422 million barrels in the week of October 27. U.S. Cushing crude oil inventories stood at 25 million barrels in the week of November 3, a new high since September, and were 21.5 million barrels in the week of October 27. U.S. gasoline inventories were 216 million barrels in the week of November 3 and 223 million barrels in the week of October 27. U.S. distillate inventories were 107 million barrels in the week of November 3 and 111 million barrels in the week of October 27. As global oil demand growth slows and supplies increase, Saudi Arabia may maintain production cuts it started this summer until January next year, or even longer. Oil prices fell further as crude inventories rose, while Wednesday’s Producer Price Index (PPI) data confirmed earlier Consumer Price Index (PPI) readings. Tuesday’s consumer price index (CPI) data suggested demand is slowing. The decline in U.S. inflation data has shaken the market. In the short term, oil prices are in trouble and their upside potential seems limited.
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 74.6 at the top and the first-line support of 72.0 at the bottom.
The operation for gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
