Market Analysis of Gold on Tuesday 2 November 2021
On Monday, Gold strengthened, and the US dollar weakened. The growth rate of the US manufacturing industry slowed in October. Biden's trillion-dollar spending plan is not going well. However, record highs in US stocks capped gold prices. The market's focus will be on this week's Federal Reserve meeting, where the US Fed is expected to announce a timeline for limiting stimulus measures.
From a technical perspective, gold’s day graph closed above the middle BOLL band, and the moving averages converges. The 4-hour chart shows bottoming and rebounding. There is likely to be strong pressure while testing the upside. MA crosses on low position, MACD and RSI are both 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：1796-1800-1810
Support：1786-1779-1770
Market Analysis of Crude Oil on Tuesday 2 November 2021
Crude oil rose on Monday, closing at $83.07 per barrel. Due to market expectations of strong demand and the belief that the OPEC+ alliance will not increase production too quickly, oil prices have been rising all the way. However, the increase in inventories at the largest storage centre in the United States causes crude oil to give up some of the gains.
From a technical perspective, the daily graph was supported by middle BOLL Band and closed by bullish candles continuously. The short-term MA converged. On H4 graph, crude oil formed upper ladder, MA formed Golden Cross, the indicators showed bullish sign. 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 82.60.
Resistance：84.00-84.50-85.00
Support：82.60-81.90-80.80
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