Analysis of gold news: Entering the U.S. market on Thursday (November 23), as the market was light in trading before the U.S. Thanksgiving holiday, the overall tone still revolved around the expectation that the Federal Reserve would turn to interest rate cuts. The U.S. dollar still maintained a decline, and gold continued to decline. Trading slightly below $2,000. The market will next focus on European and American PMI data. Gold prices rose on Thursday, hovering near the key $2,000 an ounce level, as a weaker dollar and lower U.S. Treasury yields boosted demand for the metal. Traders widely expected the Fed to keep interest rates on hold in December, but they lowered expectations for a rate cut in 2024 following the release of jobless claims data. Lower interest rates reduce the opportunity cost of holding gold. Minutes of meetings from October 31 to November 11 showed that Fed officials agreed at their last policy meeting that they would act “cautiously” and only raise interest rates if there were problems with progress in controlling inflation. Meanwhile, a survey released on Wednesday showed U.S. consumer inflation expectations rose for a second consecutive month in November. Spot gold could re-trace its Nov. 21 high of $2,007.29 an ounce as prices may have completed a correction from that level.
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 2005 first-line resistance, and on the bottom, focus on the 1980 first-line support.
Analysis of crude oil news: In the US market on Thursday (November 23), crude oil prices were trading around US$75.56 per ounce. Yesterday, OPEC oil-producing countries unexpectedly postponed a production reduction meeting, raising questions about global crude oil supply. Oil prices are in turmoil. fell nearly 1% in trading. OPEC said in a statement that it would postpone the meeting originally scheduled for November 26 to November 30. This unexpected development caused crude oil prices to fall sharply in early trading. The market is now generally expected to discuss whether to expand the scale of oil production cuts. . Oil prices rebounded late in the session after a sharp decline, amid news that the disagreement was related to African countries, which are smaller producers in the group rather than the largest oil exporters. OPEC’s meeting scheduled for later this month will “focus on fundamentals” and political factors will have zero impact. OPEC’s decision will focus on compliance with quotas, ensuring stable oil prices and being accountable to reported baseline production capacity, three things that combined to explain the postponement of the meeting. In addition, JPMorgan Chase also reiterated in its report that it does not rule out the possibility of a deeper production cut of up to 1 million barrels in the first half of 2024 to preemptively respond to weak demand. The latest news that investors need to pay attention to is that after an undersea pipeline ruptured and leaked 26,000 barrels of oil, six oil producers shut down 62,000 barrels/day of oil production in the Gulf of Mexico, including Occidental Petroleum Co., a move that will also have a negative impact on crude oil price impact.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by low and long corrections. Focus on the first-line resistance of 78.0 at the top and the first-line support of 75.3 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
