【Morning session】Gold bulls remain unchanged Short-term volatility

Gold hourly chart

Gold:

The recent hawkish rate cuts by the Federal Reserve have dented market optimism about further easing, putting short-term gold prices under pressure.

Additionally, during their meeting in South Korea, the leaders of China and the United States agreed to implement a one-year suspension of the 50% export control penetration rule announced on September 29 by the U.S., and a one-year suspension of related export control measures announced on October 9 by China. The two largest economies in the world have further communicated and resolved trade issues, effectively cooling down trade risks.

Chen Yu, a senior analyst at Zhisheng Research (exclusively invited by Plotio), believes gold will maintain its bull market amid the lack of dollar credit. However, recent cooling of risk aversion and internal disagreements within the Federal Reserve will put pressure on gold prices.

Technical Analysis: On the daily chart, the price has sustained support at the 62-day moving average for three consecutive sessions, forming a long lower shadow on the K-line. This suggests gold prices may resume their upward trajectory. Key levels to watch: $4085 resistance and $3996 support.

Crude oil hourly chart

Crude Oil:

The U.S. recently imposed sanctions on two Russian oil companies. Meanwhile, under U.S. pressure, India's HMEL announced it has suspended further purchases of Russian crude. Investors should closely monitor whether Russia's crude oil production and exports have declined amid Western sanctions.

On the supply side, OPEC and other oil producers such as the United States regard market share as their strategic focus, so it is highly likely that oil producers will continue to increase production. U.S. oil production rose to the highest level this year, and OPEC is likely to continue to increase production in December.

On the demand side, the current demand season is low, but the results of trade negotiations between the world's two largest economies are conducive to improving the outlook for crude oil demand and will provide support for oil prices in the short term.

Technical Analysis: On the daily chart, the previous trading day closed with a small bearish candle without breaking below the 20-day moving average, indicating some short-term support. Key levels to watch are $62 for resistance and $59 for support.

Copper:

On the daily chart, the previous trading session saw a price surge followed by a pullback, closing with a bearish candlestick indicating resistance at higher levels. However, the price remains above the 20-day moving average, suggesting bullish momentum persists. Today, watch for support at the $5 level.

Nikkei 225:

On the daily chart, the market has maintained a volatile upward trend with overall strength. The 20-day moving average is leading the upward momentum, suggesting continued strength in the near term. Today's focus is on the support level at 51,065.

[Important Disclaimer:The above content and views are provided by Zhisheng, a third-party cooperative platform, for reference only and do not constitute any investment advice. Investors who trade based on this information shall bear their own risks.]

In the event of any inconsistency between the English and Chinese versions, the Chinese version will prevail.This article is from Plotio. Please indicate the source when reprinting.