Analysis of gold news: In the US market on Monday (November 27), the price of gold was trading around US$2,009 per ounce. The price of gold climbed to a six-month high on Monday, helped by the weakening of the US dollar, and the market was betting that the Federal Reserve had ended its rise. interest rate cycle, while market focus turns to US inflation data due later this week. Spot gold hit a daily high of $2018, the highest level since May 16. Bullish sentiment continues to prevail amid expectations of rate cuts and weaker US economic data. This expectation leads to lower real yields and a weaker dollar, which is good for gold prices. The Fed has now ended its tightening cycle and data is likely to deteriorate further, so on a forward-looking basis gold should continue to be supported, with an all-time high of 2078 being a natural target. The United States will release economic data this week, including economic growth and inflation data. The market focus now turns to the revised third-quarter GDP data of the United States scheduled to be released on Wednesday, as well as the US personal consumption expenditures price index released on Thursday. Recent data has shown signs of slowing in US inflation, bolstering expectations that the Federal Reserve could begin easing monetary policy sooner than expected. Looking ahead to this week, investors will see a US consumer confidence report on Tuesday. On Thursday, the latest US jobless claims and US personal consumption expenditures reports will be released. Friday will end the week with the US ISM Manufacturing Purchasing Managers Index, which last came in significantly below expectations. Weak data could boost gold prices, while strong data could lead to a pullback.
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 2030 first-line resistance, and at the bottom, focus on the 2003 first-line support.
Analysis of crude oil news: In the US market on Monday (November 27), crude oil prices were trading around US$75.4 per ounce. In the past week, oil prices have been fluctuating repeatedly, but the final ending still showed that the market was mostly worried. . Almost all the market’s attention has been focused on the OPEC meeting, and oil prices have also fluctuated around the OPEC meeting. Due to the difficulty in reaching an agreement before the meeting, OPEC had to postpone the last meeting of the year that was originally held on Sunday to November 30. At present, the market’s expectations are clear. OPEC needs to at least continue its current production cuts to avoid the risk of oil prices breaking through and continuing to fall. From a rational perspective, OPEC will reach a decision to extend the current production cuts, which should be the most likely option. Increasing production cuts will of course be a positive decision for oil prices, but given that Iran and South American countries are speeding up production increases to size market share, Russia has also successfully found buyers for its crude oil and is less willing to continue to reduce production, while OPEC’s internal production benchmark It is too difficult to increase production cuts under the differences between the two countries, and it is even less likely than the breakdown of internal share negotiations. The concerns reflected in the market are a very realistic reaction. Over the past two years or so, under the leadership of Saudi Arabia, OPEC’s cooperation has been successful and effective. Can Saudi Arabia once again unite the members of the production reduction alliance to overcome difficulties and shoulder the important task of maintaining the stability of the oil market? Judging from the position structure, speculative net long positions have continued to fall after October, and bullish enthusiasm continues to fade. It is obvious that funds are using actual actions to reflect their views on the oil price outlook. In the end, whether Saudi Arabia can restore market confidence, overall, OPEC must at least continue The current scale of production cuts will not be able to alleviate the downside risk of oil prices breaking through to the beginning of next year. This is also the consensus of the current market expectation that OPEC will be a necessary option. As for whether it can increase production cuts and restore market confidence, this is an option with a low probability. The key is still to wait for Saudi Arabia’s final decision.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by low and long callbacks. 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 for gold and crude oil strategy must be done carefully, the above strategies are recommended only for reference.
