Market Analysis of Gold on Tuesday 23 November 2021
On Monday the price of gold plunged US$42, which was the biggest daily decline in three months. This was due to the increase in US bond yields and the strengthening US dollar, as well as the strengthening of European and American stock markets. US President Biden nominated Powell for re-election as chairman of the Federal Reserve and nominated Brainard as vice chairman of the Federal Reserve.
From a technical perspective, gold's daily graph was closed bearish for 3 days in a row, breaking through the middle BOLL band, and the RSI dropped back to around 50. On the 4-hour chart, it is showing a retracement, the moving averages are forming a Death Cross on the high position and MACD volume is increasing. Overall prioritize selling at high prices in the fluctuation zone. Consider the support and resistance zones, short term intraday trading split the bull bear point around 1800.
Resistance：1812-1818-1823
Support：1800-1795-1785
Market Analysis of Crude Oil on Tuesday 23 November 2021
On Tuesday Asia session, crude oil fell back and currently the price is at US$76.15 per barrel. According to reports, if consumer countries jointly release oil reserves to ease the pressure of rising oil prices this year, OPEC+ may consider adjusting its production increase plan, and the market assesses the possibility of OPEC+ taking action.
From a technical perspective, the daily graph closed bullish and still under pressure below MA60. MACD is still around 0 axis. On H4 graph, crude oil formed bottom ladder. Indicator still showed bearish sign. 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 76.60.
Resistance：76.60-77.40-78.00
Support：75.60-75.00-74.50
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