Gold news analysis: On Wednesday (November 1), the U.S. ADP employment growth in October was recorded at 113,000, which was far lower than the expected 150,000, but higher than the previous value of 89,000. The ADP report showed that in October, wages increased by 5.7% year-on-year, which was the slowest growth rate since October 2021. Wages for those who changed jobs grew at 8.4%, the smallest increase since July 2021. Gold prices have been relatively stable ahead of the Fed’s policy decision, and all eyes will be on Fed Chairman Powell’s speech for guidance on the path of interest rates.
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 1998, and on the bottom, focus on the first-line support of 1970.
Analysis of crude oil news: In the US market on Wednesday (November 1), crude oil prices were trading around US$81.20/barrel. Oil prices fell for the second consecutive day, and the center of gravity continued to shift downward. WTI crude oil was close to the October low. This This means that the geographical premium has been basically completely wiped out. The crude oil market itself is relatively lacking in news, and oil prices continue to decline to challenge the lower support area. Judging from the recent seesaw performance of the oil price’s recent fluctuations, the center of gravity has slowly shifted downwards. At this stage, the crude oil market is in a relatively chaotic stage, and investors need time to sort out various factors. influence of factors. API data in the early hours of the morning showed that US crude oil stockpiles were slightly overstocked, and gasoline and diesel were destocked. The overall inventory data had little impact on oil prices. Currently, oil prices are facing the contradiction between low inventories and weakening supply and demand at the supply and demand level. The macro level is also facing a complex situation, which makes investors It is difficult to make a unanimous bet on the future direction of oil prices. Judging from the performance of oil prices in the past period, generally speaking, expectations come first. Even with the impact of the sudden Palestinian-Israeli conflict, the overall focus of oil prices has still dropped significantly. At present, Looking at $80 will become a very critical area. If oil prices fall directly below $80 under the current background and tend to the target price of the U.S. Department of Energy to replenish strategic reserves, it means that investors’ clear pessimistic expectations for the market outlook will dominate oil price fluctuations in the future. Pay close attention to whether bulls can organize effective resistance near $80 this week. Considering the current low inventory background, it is expected that bulls will not give up this level easily and pay attention to the outcome of the competition. Next, there are major macro-influencing factors such as the Federal Reserve interest rate meeting. Risk assets are expected to maintain high volatility, so participate with caution and pay attention to the rhythm.
Today’s crude oil strategy: It is recommended to focus on the rebound to high altitudes, supplemented by the callback to lows and longs. Focus on the first-line resistance of 82.3 at the top and the first-line support of 79.7 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
