Market Analysis of Gold on Monday 1 November 2021
On Monday, Gold fluctuated slightly. Overall, Gold was under pressure last week. Market expectations for the Fed's decision to reduce debt purchases this week and raise interest rates next year continue to rise. However, the US economy is growing slowly, and the labour market is still facing serious problems. Fears of stagflation kept gold prices from falling before the Fed's decision.
From a technical perspective, the weekly gold candle closed bearish, the gold candle is supported by the middle BOLL band, and the 4 hours chart shows gold price dropped sharply, forming bearish candle and is currently in a correction phase. MA forms death cross on a high position, MACD and RSI are 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：1792-1800-1810
Support：1779-1771-1760
Market Analysis of Crude Oil on Monday 1 November 2021
On Monday Asia session, crude oil fluctuated within a narrow range at US$82.20/barrel. Last month, the decline in inventories and continued short supply of natural gas caused the price of Brent crude oil to soar by more than 7%. The OPEC+ meeting this week may influence the trend of oil prices.
From a technical perspective, the weekly graph closed bearish after forming seven bullish candles. The daily graph was flat, MA converged, and MACD strengthened. On H4 graph, crude oil moved around middle BOLL Band, RSI was around level 50, the indicator was relatively neutral. Overall, prioritise operation within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 83.00.
Resistance：83.00-83.80-84.40
Support：81.60-80.80-80.00
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.