Analysis of gold news: After the data was released on the evening of Thursday (November 30), spot gold fell in the short term, hitting a minimum of $2,031. The U.S. dollar index rose more than 0.7% during the day. The U.S. core PCE price index in October recorded an annual rate of 3.5%, the lowest since April 2021, in line with expectations of 3.5%, and the previous value was 3.7%. The U.S. core PCE price index recorded a monthly rate of 0.2% in October, in line with expectations, and the previous value was 0.3%. U.S. personal spending in October recorded a monthly rate of 0.2%, in line with expectations, and the previous value was 0.7%. At the same time, the number of initial jobless claims in the United States for the week ending November 25 was 218,000, lower than the expected 220,000 and up from the previous value of 209,000. Federal Reserve Chairman Jerome Powell will also speak on Friday. Fed officials this week hinted at the possibility of lowering interest rates in the coming months and projected that economic growth will slow and inflation will slow further, sending the 10-year Treasury yield to a two-and-a-half-month low. Expected inflation has not had much of an impact on the gold market as prices remain below key resistance at $2,050 an ounce. The U.S. dollar index extended gains, making gold more expensive for holders of other currencies.
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 2055 first-line resistance, and on the bottom, focus on the 2030 first-line support.
Analysis of crude oil news: In the US market on Thursday (November 30), crude oil prices were trading around US$75.82 per ounce. The OPEC policy meeting is scheduled to be held on Thursday. News about the outcome of the meeting may be the main driver of recent oil price fluctuations. driving force. The oil benchmark rose about 2% on Tuesday as traders expected OPEC to extend or deepen production cuts. The OPEC oil-producing group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, will meet online on Thursday to decide on 2024 oil production levels. Oil prices were boosted by a Wall Street Journal report that the group was considering new oil production cuts of up to 1 million barrels a day, a figure also reported by the Financial Times on Nov. 17. However, OPEC’s sources said that ahead of Thursday’s ministerial meeting, OPEC held talks on 2024 oil policy, focusing on further cutting oil supply to support the market, but the details have not yet been agreed. Overall, investors are no longer paying attention to the surge in U.S. crude oil, gasoline and distillate inventories, but are focusing on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia. This meeting will affect the direction of crude oil.
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 74.3 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
