Market Analysis of Gold on Friday 5 November 2021
On Thursday, gold and the US dollar rose sharply at the same time, and turmoil hit global financial markets. Bank of England: No interest rate hike. US initial unemployment claims fell to a 19-month low, the US trade balance deficit hit a record high, and concerns about inflation and the economic recovery mounted.
From a technical perspective, gold's daily candle closed bullish and stabilized around the middle BOLL band, forming a bullish engulfing pattern. On the 4-hour chart the gold candle broke the downward trend pattern, MA5 and MA10 formed a Golden Cross and are moving upwards, the RSI is currently in a strong area around the 55 point. Overall prioritize buying at low prices in the fluctuation zone, Consider the support and resistance zones, short term intraday trading bull bear point division around 1785.
Resistance：1800-1806-1814
Support：1785-1777-1770
Market Analysis of Crude Oil on Friday 5 November 2021
On Friday, crude oil maintained its downward trend and currently the price is at US$78.75 per barrel. OPEC+ has agreed to continue to implement the current production plan. With the multi-year high of crude oil prices and the increase in U.S. crude oil reserves, OPEC+ helped the market cool down and increase production control, putting pressure on oil prices.
From a technical perspective, crude oil closed by hammer pattern with a long upper shadow line. The bearish sentiment was strong. On H4 graph, BOLL kept widening and crude oil moved around lower BOLL band. MA diverged. MACD was bearish. Overall, prioritise Sell. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 77.60.
Resistance：79.50-80.00-80.80
Support：78.30-77.60-76.70
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