Analysis of gold news: Spot gold traded around 2013 on Tuesday (November 28); boosted by falling US Treasury bond yields and a weak US dollar, gold prices rose on Monday. A weaker US dollar proved positive for gold as speculation mounted that the Fed was done raising interest rates. Gold prices have benefited from this trend, which also comes amid signs of a global economic slowdown. Gold prices continue to hold firm after a strong rebound from technical support in mid-November. Gold prices are at the top of the new trading week, hitting a new six-month high as investors increase their bets that the Federal Reserve will end the current rate hike cycle. Markets are getting a deeper test of gold bidding, although overzealous bidders continue to face frequent crackdowns. Meanwhile, gold buying received some support as money markets priced in a 90% chance of the Federal Reserve keeping interest rates unchanged at the next two consecutive policymakers’ meetings. As the Federal Reserve’s interest rate hikes become widely accepted expectations, the focus of debate in the spot gold market has become the question of when the Federal Reserve will start cutting interest rates. Gold investors will be closely watching talking points from Federal Reserve officials this week.
Today’s gold strategy sharing: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the 2060 first-line resistance at the top and the 2033 first-line support at the bottom.
Analysis of crude oil news: US crude oil is currently trading around 76.5 on Tuesday (November 28); investors are waiting for this week’s OPEC meeting and expect that supply will be restricted by 2024, and crude oil prices will continue to be under pressure. Since then, the group, run by de facto leader Saudi Arabia, has moved closer to compromise. OPEC sources said on Monday that OPEC was considering further oil production cuts despite a policy meeting being postponed to Thursday. “Despite the headlines that Saudi Arabia is making progress towards a consensus, there is limited risk appetite for buying crude oil ahead of a formal announcement,” analysts said. “Until we figure out how this plays out, crude oil is expected to struggle to rebound. “The International Energy Agency (IEA) says it expects a small surplus in the global oil market in 2024, even if OPEC countries extend production cuts into next year. Analysts say rising US crude inventories also put downward pressure on oil prices. Meanwhile, mediator Qatar said on Monday that a truce between Israeli and Hamas forces in Gaza had been extended by two days, continuing a seven-week pause in the war.The crisis in the Middle East has affected oil prices as investors worry about the impact on supply.
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.
