Market Analysis of Gold on Friday 29 October 2021
Gold prices rose on Thursday as the US dollar weakened and the United States' third-quarter GDP fell from 6.7% to 2%, which boosted gold prices. However, data shows that the total global demand for gold is declining, and gold investment has fallen by more than 50%. This was due to the outflow of 26.7-ton worth of funds from gold ETF this quarter.
Technically, the gold candle strengthening pattern is perfectly formed. On the 4 hours chart there are signs of the formation of a double top. MA converges and gold most likely will operate around 1810-1782. The indicator is relatively neutral. Overall prioritize operations in the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1800.
Resistance：1800-1810-1814
Support：1789-1782-1776
Market Analysis of Crude Oil on Friday 29 October 2021
Crude oil rebounded after hitting a two-week low of US$80.11 per barrel on Thursday. The decline was because Iran said that it would resume negotiations with world powers on its nuclear program before the end of November, and US crude oil inventories increased. The rebound was also due to OPEC and its allies expecting the global oil market to tighten in the fourth quarter.
From a technical perspective, the daily graph reaches the middle BOLL Band and rebounded. Crude oil is currently under pressure by MA5. On H4 graph, crude oil tested level 82,70 which is between MA60 and middle BOLL Band. Overall, prioritise Buy. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 81.50.
Resistance：82.70-83.30-84.40
Support：81.50-81.00-80.00
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