Analysis of gold news: In the U.S. market on Wednesday (November 8), as concerns about market fluctuations eased, gold prices plummeted for two consecutive days, and the precious metal seemed to have entered an adjustment phase. Spot gold is currently trading at $1,953.86 per ounce, down 0.78%. According to the schedule, Federal Reserve Chairman Powell will deliver a speech at 22:15 Hong Kong time on Wednesday. Investors are now eagerly awaiting comments from Federal Reserve Chairman Jerome Powell, who will deliver the opening remarks on Wednesday at the Centennial Conference of the Fed’s Research and Statistics Division. Looking ahead, market anxiety ahead of Powell’s speech may support the dollar, keeping gold buyers on the sidelines. All in all, Fed official speeches and the performance of the U.S. bond market will continue to play a key role in gold price movements. Despite recent market dynamics, there are still reasons to be optimistic about precious metals. That said, one catalyst that could put upward pressure on its price is a pullback in interest rates. Last month, the U.S. 10-year Treasury bond yield exceeded 5.0%, but has since retreated sharply and fell below 4.6% today. If this correction accelerates in the near term, the backdrop for gold and silver will become more constructive. Meanwhile, the U.S. dollar is trying to regain ground after the market raised expectations for a rate cut next year. Gold showed weakness and came under pressure amid a stronger U.S. dollar. Gold remains under pressure due to rising U.S. Treasury yields and mixed signals from Federal Reserve officials.
Today’s gold strategy sharing: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. Focus on the first-line resistance of 1965 at the top and the first-line support of 1940 at the bottom.
Analysis of crude oil news: U.S. crude oil fell sharply on Wednesday (November 8) and continued its decline; on Tuesday, China’s mixed economic data and OPEC’s increase in exports eased concerns about market tensions, and as the U.S. dollar strengthened, international crude oil futures settlement prices closed sharply lower. More than 4%, to the lowest level since late July. Oil prices fell more than 4% on Tuesday after Chinese exports fell for a sixth straight month, underscoring slowing global demand. Analysts say the prospect of a wider conflict in the Middle East remains a concern for oil prospects. That allowed Brent futures to close below $84 a barrel for the first time since prices surged on Oct. 7 following the Israeli-Palestinian conflict. “Traders will remain on high alert for signs of wider conflict in the region that could disrupt supply, but these concerns appear to be receding,” analysts said. Latest forecasts for Chinese refinery activity showed expectations throughout November and December production will fall, putting further downward pressure on prices. “There are concerns in the oil market about both increased supply and falling demand,” market analysts said. “It’s certainly not a nervous market right now.” Lower oil prices will be welcome as Western economies continue to battle the effects of inflation.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by callbacks to lows. Focus on the first-line resistance of 77.0 at the top and the first-line support of 74.5 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
