Market Analysis of Gold on Monday 8 November 2021
On Monday, Gold continued to strengthen and is currently trading at around US$1818. Last week, the Federal Reserve, Bank of England and European Central Bank all released dovish signals, which helps gold prices hit two-month highs. Over the weekend, the United States passed an infrastructure bill totalling over $1 trillion, meaning more funds would be injected and gold would benefit.
From a technical perspective, gold's weekly graph closed with bullish marubozu candle, laying the groundwork for this week's gains. The daily candle is stable in 1800 and the MA forms Golden Cross. On the 4-hour chart, the BOLL widened upwards and the RSI is giving a very bullish signal. Overall, buy at low prices in the fluctuation zone. Consider the support and resistance zones, short term intraday trading split the bull bear point around 1812.
Resistance：1824-1828-1834
Support：1812-1800-1790
Market Analysis of Crude Oil on Monday 8 November 2021
On Monday Asia session, crude oil rose, and the current price is at US$81.30 per barrel. Last Friday, crude oil rose by more than 2%. The published US non-agricultural employment data was better than expected which boost oil prices. In addition, OPEC+ oil-producing countries rejected the call of the United States to speed up production, triggering a new round of supply concerns.
From a technical perspective, there was a correction on the weekly graph and crude oil closed by doji star. The daily graph was stable on lower BOLL Band and rebounded. On H4 graph, crude oil was under pressure of the downward trend line. MA formed Golden Cross. RSI entered a strong zone. 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 81.90.
Resistance：81.90-82.50-83.50
Support：80.80-80.00-79.40
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