Analysis of gold news: Spot gold prices maintained a narrow range on Thursday (December 7) and are currently rising slightly. Although this week’s series of employment data reinforced expectations of a rate cut by the Federal Reserve, gold was still weakened by a false breakout at the beginning of the week. Currently, the market focus turns to the U.S. non-farm payrolls report to be released on Friday, which will play a key role in gold’s next trend. Gold prices remained steady on Thursday as investors awaited U.S. employment data due later this week and were reluctant to place large bets. The data may provide more clues about the direction of interest rates from the Federal Reserve. Currently, spot gold is still fluctuating within a narrow range, trading around $2,025. It has fallen by nearly $40 so far this week, with significant fluctuations at the beginning of the week. Overall, although market expectations for a rate cut by the Federal Reserve have increased, gold prices are still weak due to the impact of a false breakout at the beginning of the week.
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 2045 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 7), crude oil prices were trading around US$69.80 per barrel. Large US exports and doubts about whether OPEC can fulfill its production reduction plan have triggered market concerns about oversupply. Oil prices fell for a fifth consecutive day, hitting their lowest level since early July. WTI crude oil fell below the $70/barrel mark for the first time since July this year. Large exports from the United States and doubts about whether OPEC can achieve its production reduction plan have triggered concerns about oversupply of crude oil. Oil prices have continued to fall since OPEC announced further production cuts last Thursday, underscoring the group’s difficulties in balancing the market in the first quarter. On November 30, OPEC and its partners announced a production cut of about 900,000 barrels per day, but oil prices fell sharply due to concerns about sufficient supply and slowing growth in fuel consumption. Some crude oil traders are skeptical that OPEC will fully fulfill its commitments. Saudi Arabia’s energy minister said on Monday the OPEC alliance could “absolutely” extend the measures beyond the first quarter of next year, while Russian Deputy Prime Minister Alexander Novak made a similar suggestion. Kuwait also expressed support for OPEC’s latest oil production reduction agreement and promised to reduce production. Overall, oil prices have been weak, facing pressure from a variety of sources, including oversupply, doubts about planned production cuts, global economic uncertainty and weak gasoline demand. Investors will pay close attention to market dynamics for more clues on the future direction of oil prices. The highlight of the week will be Friday’s U.S. non-farm payrolls (NFP) data. These events could have a significant impact on crude oil prices in U.S. dollars. Oil traders will take cues from the data and look for trading opportunities around changes in crude prices.
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 72.0 at the top and the first-line support of 69.0 at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
