Analysis of gold news: In the US market last Friday (November 24), the price of gold was trading around US$2,000 per ounce. As the weakening of the US dollar index was also beneficial to the metal, the price of gold exceeded US$2,000. However, weak crude oil prices and rising U.S. Treasury yields are negative external market factors that limit the upside of gold prices. U.S. stock and financial markets closed earlier due to the Thanksgiving holiday on Thursday. It is typically one of the quietest trading days of the year as many U.S. market participants take advantage of the four-day weekend. In overnight news, Israel and Hamas have agreed to a four-day ceasefire, with Israel agreeing to cease military operations in Gaza and Hamas releasing some Israeli hostages in exchange. Risk appetite has increased over the past few weeks as the conflict in the Middle East has not escalated as many market watchers thought (at least not yet). The most important event for gold prices this week was the Federal Open Market Committee (FOMC) meeting minutes, which, although not dovish, actually boosted gold prices. The next important economic event to impact gold prices will be the preliminary US manufacturing PMI, and although this will not change the situation significantly, it is an event that traders will need to pay close attention to. Better-than-expected data would be positive for the Fed, meaning they are more confident in their strategy, which would lead to some dovish policy from the Fed.
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 2020 first-line resistance, and on the bottom, focus on the 1997 first-line support.
Analysis of crude oil news: In the U.S. market last Friday (November 24), crude oil prices were trading around US$75.20 per ounce. On Thursday, oil prices maintained a volatile pattern and fell slightly throughout the day. Due to OPEC’s announcement to postpone the meeting, The final decision on OPEC’s production cut will be postponed until next week. After the oil price fluctuated violently after the news was revealed on the previous trading day, market sentiment gradually stabilized. Investors realized that the delay was not only negative, but also positive. On the one hand, it shows that OPEC still hopes to reach an agreement and must remain patient and continue to wait for the outcome of the meeting. However, it has entered the Western Thanksgiving holiday. In the absence of clear drivers, the oil market has been light in trading and oil prices have remained volatile. This OPEC ministerial meeting is destined to be a very critical meeting. On the one hand, it needs to set the tone for next year’s production. At the same time, this meeting also gives the market an opportunity to observe the degree of cooperation and unity of the OPEC production reduction alliance. Angola has stated that it does not intend to withdraw from OPEC, and Nigeria has also emphasized seeking unity. However, judging from the statements of African member states, they clearly have demand for output. This depends on how OPEC makes adjustments based on the meeting in June this year. Saudi Arabia can Whether to properly handle the distribution of interests among member states within the alliance will be the key point of this meeting. Not only the members of the production reduction alliance are concerned about production, but other non-production reduction countries including Iran, Venezuela, Brazil, Guyana and other more and more oil-producing countries will increase production. Even if OPEC can overcome difficulties this time and reach an agreement to launch a plan that satisfies the market to complete the protection After trading, OPEC’s challenge to stabilize the oil market will continue to grow, which means that the crude oil market next year will remain highly elastic.
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 76.5 at the top and the first-line support of 74.0 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
