Analysis of gold news: In the US market on Wednesday (November 29), as the market responded to stronger-than-expected economic activity in the third quarter, gold prices fell from the overnight high of more than $2,050 per ounce. As of press time, spot gold is currently trading at $2,041.32 per ounce. The US dollar index resumed its gains today and is currently trading around 102.90, approaching the 103 mark. The dollar earlier hit its lowest level since mid-August at 102.46 and was on track for its worst monthly performance in a year, making gold less expensive for holders of other currencies. Meanwhile, the 10-year US Treasury yield fell to a more than two-month low of 4.2802%. Judging from this trading day, more Fed officials will appear. At 15:00 GMT (23:00 Wednesday night, Hong Kong time), Richmond Fed President Thomas Barkin will be interviewed by CNBC; at 18:45 GMT (02:45 Thursday morning, Hong Kong time), Cleveland Fed President Lore Tha Meister will speak.
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 2060 first-line resistance, and at the bottom, focus on the 2030 first-line support.
Analysis of crude oil news: Crude oil prices were trading around $77.70 per ounce in the US market on Wednesday (November 29) due to the weakening of the US dollar and the possibility that major oil producers will extend continued production cuts at the OPEC meeting later this week. The optimism boosted market sentiment, with crude oil prices rising by more than 2%. The rise is driven by a combination of factors, including a weak US dollar, optimism that OPEC may extend production cuts, and a range of international developments. In addition to optimism about further production cuts, dovish comments from US Reserve Governor Christopher Waller also provided strong support for oil prices. He expressed confidence in current policies and said that if deflation persists, policy rates may be lowered because of subdued inflation. The news weakened the US dollar, providing additional appeal to US dollar-denominated oil and pushing oil prices higher. To sum up, although the market is still paying close attention to the production of non-OPEC countries, various favorable factors have provided positive external support for oil prices. Investors’ expectations for the OPEC meeting have kept the market cautiously optimistic about future oil prices. A combination of a weaker US dollar, expectations of production cuts and supply concerns have pushed oil prices higher, injecting a positive impetus into energy markets.
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 79.0 at the top and the first-line support of 76.3 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
