Market Analysis of Gold on Friday 12 November 2021
On Thursday, gold continued its upward trend and hit its highest point since late June. The market was relatively stable when the US CPI data provided an unexpected stimulus. Inflation concerns led to a stronger risk aversion sentiment in the market. Gold and the US dollar moved up at the same time. The US 10-year Treasury yield hit 1.584%.
From a technical perspective, gold's daily graph closed bullish but still hasn't reached a new high and continues to move strongly above the upper BOLL's band. On the 4-hour chart, gold candle strengthens and then weakens, forming a flag pattern. The indicator is relatively bullish overall. Overall prioritize buying at low prices in the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1841.
Resistance：1862-1869-1880
Support：1850-1841-1835
Market Analysis of Crude Oil on Friday 12 November 2021
On Friday, crude oil was still under pressure in early trading. On Thursday, OPEC lowered its forecast for world oil demand for the last quarter of 2021, as high energy prices curbed economic recovery and delayed the timetable for oil use to return to pre-epidemic levels until the second half of 2022.
From a technical perspective, the daily graph closed by Doji Star under MA10. The bullish sign of MACD weakened. On H4 graph, crude oil was under pressure and moved around lower BOLL band. RSI turned downward. MACD broke through 0 axis. 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 79.00.
Resistance：80.50-81.00-81.80
Support：79.00-78.20-77.50
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