On Tuesday the price of Gold declined. The Fed begins its two-day monetary policy meeting. The market expects that the Federal Reserve will announce a reduction in bond purchases, which will result in the strengthening of the US dollar index. Inflationary pressures are mounting, and this meeting could provide guidance on future rate hikes.
From a technical perspective, gold's daily graph closed with a small bearish candle, and was supported by the middle BOLL band and MA60 around 1779. Other indicators are relatively neutral. On the 4-hour chart the gold candle shows the gradual formation of the ladder bottom pattern, the MACD loses direction, and the RSI trend is weak. Overall prioritize selling at high prices within the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1779.
Resistance：1788-1796-1800
Support：1779-1771-1766
Market Analysis of Crude Oil on Wednesday 3 November 2021
Crude oil fell and broke through $82 per barrel on Tuesday. API data in the morning showed that inventories increased, and the US dollar strengthened. The former core member states of OPEC, Saudi Arabia, Kuwait, and Iran, and other major oil producers, have made it clear that they refuse to increase production. The focus of the current market is on OPEC+ this week's meeting.
From the technical perspective, the daily graph fluctuated on high position. It is obvious that crude oil was supported by middle BOLL Band many times and stabilized. On H4 graph, crude oil weakened. MA formed Death Cross. RSI turned downward. Overall, prioritise operation within fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 80.00.
Resistance：82.50-83.10-84.00
Support：81.40-80.80-80.00
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