Market Analysis of Gold on Thursday 4 November 2021
On Wednesday, gold fell nearly $30 to $1,758.84 as the ADP employment report showed that US job growth exceeded expectations. The Federal Reserve's interest rate decision remains unchanged, and the likelihood of raising interest rates in December will increase. At the same time, it will begin reducing debt purchases in November, reducing debt purchases by $15 billion each month.
From a technical perspective, gold's daily line closed with a large bearish candle, falling below the middle BOLL band, and other indicators are neutral. The 4-hour chart shows that gold continues to decline, MA forms Death Cross and the RSI is rebounding. Overall prioritize selling at high prices in the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1782.
Resistance：1782-1788-1796
Support：1768-1758-1750
Market Analysis of Crude Oil on Thursday 4 November 2021
On Thursday Asia session, crude oil continued to weaken and fluctuated at US$79.18 per barrel. The US EIA said that last week’s increase in crude oil inventories exceeded expectations and increased by 3.3 million barrels to 434.1 million barrels, but gasoline inventories fell to the lowest level in four years due to stable demand. Iran said they will continue the nuclear negotiations this month.
From a technical perspective, the daily graph closed bearish, fell and broke through level 80. On H4 graph, MA formed Death Cross, RSI was in a very weak area around level 20. MACD showed bearish sign. Overall, crude oil showed bearish sign, so prioritise Sell. 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：80.00-80.80-81.60
Support：78.70-78.30-77.50
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