Market Analysis on Gold on Wednesday 17 November 2021
On Tuesday, the US Dollar rose. Gold fell back after hitting a five-month high of 1,877.20. US retail sales in October rose 1.7%, which was the biggest increase since March. Retail sales increased 16.3% compared to October 2020. In the short term, the market is shifting away from metal as a safe-haven asset.
From a technical perspective, gold's daily graph closed bearish after closing bullish for several days. Gold is back down below MA5, indicator still show a bullish sign. On the 4-hour chart, the gold candle broke through the middle BOLL band. MA formed a Death Cross and the RSI dropped to around 50. 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 1860.
Resistance：1860-1868-1878
Support：1849-1841-1832
Market Analysis on Crude Oil Wednesday 17 November 2021
On Wednesday morning, crude oil continued its downward trend since Tuesday. The price of crude oil was at $79.20 per barrel. U.S. API crude oil inventories increased by 655,000 barrels, and A crude oil inventories fell again, getting closer and closer to the operating limit. The probability that United States may release crude oil reserves and concerns about fuel conversion and other factors, causes oil prices to continue to be under pressure.
From a technical perspective, the daily graph closed by doji star and crude oil lacked direction. MA formed Death Cross. Other indicators show bearish signs. On H4 graph, crude oil fell below middle BOLL band. The indicators were bearish. Overall, prioritise Sell on the high position. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 78.30.
Resistance：80.00-80.70-82.00
Support：78.30-77.50-76.60
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