Analysis of Gold News: On Wednesday (November 8th) in the US market, as concerns about market volatility eased, gold prices plummeted for two consecutive days, and precious metals seemed to have entered a stage of adjustment. Spot gold is currently trading at $1953.86 per ounce, a decrease of 0.78%. According to the schedule, Federal Reserve Chairman Powell will deliver a speech at 22:15 Hong Kong time on Wednesday. Investors are eagerly awaiting comments from Federal Reserve Chairman Powell, who will deliver an opening speech at the Fed's Centennial Conference on Research and Statistics on Wednesday. Looking ahead to the future, before Powell's speech, market anxiety may support the US dollar, keeping gold buyers on the sidelines. In conclusion, the speech of the Federal Reserve officials and the performance of the US bond market will continue to play a key role in the gold price trend.
Despite recent market trends, there are still reasons to be optimistic about precious metals. That is to say, a catalyst that may cause upward pressure on its prices is a pullback in interest rates. Last month, the yield of the US 10-year treasury bond bond broke 5.0%, but it has since corrected sharply, falling below 4.6% today. If this adjustment accelerates in the short term, then the background of gold and silver will become more constructive. Meanwhile, after the market raised expectations for next year's interest rate cut, the US dollar attempted to regain ground. Gold has shown signs of weakness and is under pressure as the US dollar strengthens. Gold is still under pressure due to the rise in US treasury bond bond yields and mixed signals from Fed officials.
Technical analysis of gold: Gold came to see yesterday, and the big negative line broke and fell. There was a rebound in the early morning and early trading, but it still needs to continue to be bearish today. Although yesterday's decline did not break below the confirmed high peak of 1953, as risk aversion subsided, gold continued to rise and fall last Friday amidst the chilly non agricultural and unemployment rates. Bulls' strength significantly weakened, continuously falling below key support, with bears occupying the dominant position.
In early European trading on Wednesday (November 8th), spot gold continued to come under pressure, with gold prices currently around $1967 per ounce. This article analyzes the prospects of gold technology within the day.
Gold successfully hit its target price of $1962.35 per ounce on Tuesday. As long as it remains below $1975.25 per ounce, the outlook for gold prices will continue to be bearish.
Spot gold fell on Tuesday as hawkish comments from the Federal Reserve stimulated a stronger US dollar. Gold prices closed at $1969.07 per ounce on Tuesday, a decrease of 0.45%, with gold prices briefly falling below $1960 per ounce during the day.
Gold successfully hit the waiting target price of $1962.35 per ounce on Tuesday. It is worth noting that the gold price has completed the construction of a double peaked structure, and it has fallen under bearish pressure. We expect gold prices to fall below $1962.35 per ounce, opening the way for further bearish adjustments in gold prices in the coming trading days. The next target for gold prices is $1933.30 per ounce.
Technical indicators convey negative signals, which support the expected decline in gold prices. As long as gold prices remain below $1975.25 per ounce, bearish expectations will remain valid.
The upper short-term focus is on the 1965-1963 front line resistance, while the lower short-term focus is on the 1933-1935 front line support.
Analysis of crude oil news: On Wednesday (November 8th), US crude oil sharply declined and continued its decline; On Tuesday, China's economic data was mixed and OPEC exports increased, easing concerns about market tensions. As the US dollar strengthened, international crude oil futures settlement prices fell by more than 4%, reaching their lowest level since late July. Oil prices fell by over 4% on Tuesday, after China's exports fell for the sixth consecutive month, highlighting the slowdown in global demand. Analysts say the prospect of a broader conflict in the Middle East remains a concern about the oil outlook. This has led Brent crude oil futures to reach a closing price below $84 per barrel, marking the first time since the post conflict surge in prices between Palestine and Israel on October 7th. Analysts said: "Traders will remain highly vigilant about signs of broader conflicts in the region that may disrupt supply, but these concerns seem to be receding." The latest forecast for Chinese refinery activity shows that production is expected to decline throughout November and December, bringing further downward pressure on prices. The oil market is concerned about both increased supply and declining demand, "said market analysts." This is definitely not a tight market right now. "As Western economies continue to struggle with the impact of inflation, the decline in oil prices will be welcomed.
Technical analysis of crude oil: Yesterday, crude oil broke through the negative line and went down. After a round robin at the beginning of the week, it showed a strong break and accelerated the market. It is reasonable that the break has accelerated the market. Prior to multiple backdraws, the pressure bearing structure at 83.50-82.0 has gone down. Repeatedly testing a low point increased the probability of breaking the limit, and yesterday it accelerated after consolidation. The long-term market will inevitably break, and the breaking speed will accelerate. How long will it last horizontally and vertically? The daily line will continue to look downward. After breaking the limit in the 4-hour chart, a continuous negative trend went down unilaterally, and the short-term trend was extremely weak after breaking the 80.0 low point. It directly fell to 76.50 in one breath. There was no rebound correction of the positive K-line in the middle. Today, after waiting for a small positive line to rebound, we continued to choose the opportunity to enter the short order. The 1-hour chart accelerated downward with extremely weak acceleration, replacing rebound with consolidation. The moving average indicator has turned its head to suppress downward, and the resistance of the middle track on the Houtu Bling Road is around 78.30.
The upper short-term focus is on the front line resistance of 77.0-76.8,
Below, short-term focus on 74.2-74.0 frontline support.
