Analysis of gold news: In the US market on Thursday (December 14), the price of gold was trading around US$2,036 per ounce. As the Federal Reserve turned “dovish” and announced that interest rates would remain unchanged, the market was betting on an interest rate cut in 2024. As the call expanded, both the U.S. dollar index and U.S. bonds fell sharply, and the safe-haven function of precious metals became prominent, causing the price of gold priced in U.S. dollars to record the largest increase in the past two months. The case for easing monetary policy is building, and the fact that non-yielding gold has performed so well despite historically strong headwinds could set the stage for a new all-time high in 2024. The Federal Reserve’s 2023 annual interest rate resolution has come to an end, with the bank deciding to keep its benchmark interest rate unchanged at a range of 5.25%-5.50%, in line with expectations. Among the eight resolutions this year, the Fed raised interest rates by 25 basis points four times and kept interest rates unchanged four other times. After the Federal Reserve’s interest rate decision was announced, setting a timetable for multiple interest rate cuts in 2024 and beyond, the U.S. dollar index fell in response.
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 2050 first-line resistance, and on the bottom, focus on the 2020 first-line support.
Analysis of crude oil news: In the US market on Thursday (December 14), crude oil prices were trading around US$71.50 per barrel. On Wednesday, after the COP28 agreement was reached, the outlook for oil in 2024 and beyond became even more pessimistic. Speculators have played a major role in this trend, slashing long positions while increasing short positions. Market dynamics have been exacerbated by excessive concerns about oil demand growth, which has had a negative impact on market sentiment. Traders also noted that crude prices kept rising after the Federal Reserve kept interest rates on hold as expected and said it would start lowering borrowing costs in 2024. In a rapidly changing global market landscape, where the reverberations of economic decisions reverberate through the delicate balance of supply and demand, no industry is immune. Among them, the oil market demonstrates the complexity of geopolitical, economic and environmental factors. Oil prices edged up about 1% on Wednesday from the previous session’s five-month low on larger-than-expected weekly withdrawals from U.S. crude stockpiles and concerns about security in the Middle East. Crude oil prices kept rising after the Federal Reserve issued a statement saying it would keep interest rates steady as expected and signaled it would begin lowering borrowing costs in 2024. Lower interest rates lower borrowing costs for consumers, boosting economic growth and oil demand.
Today’s crude oil strategy: It is recommended to focus on rebounding high, supplemented by callbacks low and long. Focus on the first-line resistance of 73.4 at the top and the first-line support of 70.7 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
