Market Analysis of Gold on Tuesday 16 November 2021
On Tuesday, gold continued to strengthen. On Monday, gold fell after an increase in US Treasury yields, but remained near a five-month high it had hit recently, as investors assessed the US Fed might take steps against high inflation.
From a technical perspective, gold's daily graph closed bearish after seven consecutive days of bullishness and is back below the upper BOLL band. The indicator remains bullish. On the 4-hour chart, the gold candle is forming an ascending triangle pattern. MA has support from the bottom position, and the RSI is in the strong area around 60. Overall buy at low prices in the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1855.
Resistance：1870-1878-1890
Support：1862-1855-1841
Market Analysis of Crude Oil on Tuesday 16 November 2021
On Monday, crude oil rose slightly and closed at US$79.84 per barrel. Biden is facing pressure from inside and outside the party to release its strategic oil reserves to stabilize rising gasoline prices, but currently there is still no comment from Biden which caused the market to doubt whether the supply of crude oil will increase.
From a technical perspective, the daily graph reached the bottom and closed by T pattern. MA5 and MA10 converges and weakened. On H4 graph, crude oil rose and broke through the downward channel. BOLL had signs of narrowing. RSI was still around level 50, MACD maintain its downward trend. Overall, prioritise operation within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 79.70.
Resistance：80.50-81.20-82.00
Support：79.70-79.10-78.30
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.