【Morning session】Continuing to Hit New Highs Gold Breaks Above 4000

Gold:

Data from the World Gold Council shows that global ETF inflows have reached $64 billion this year, with September alone setting a single-month record of $17.3 billion.

Minutes from the Federal Reserve's September meeting indicate that most participants support further interest rate cuts. Investors expect another 25-basis-point cut at the interest rate meeting at the end of this month, while the probability of a rate cut in December has also risen to around 80%.

Owen, Senior Gold Analyst at Zhisheng Research(exclusively invited by Plotio), believes that factors such as global political and economic uncertainties, tense geopolitical situations, and the independence of the Federal Reserve have provided strong support for gold.

Technical Analysis:Gold is in a long-term uptrend on the monthly and weekly charts.

On the 4-hour chart, gold prices are steadily rising along the 13-day moving average.

On the 1-hour chart, after gold prices broke above the $4,000 mark in the short term yesterday (8 October), the upward momentum accelerated slightly, and the long position remains strong. Intraday, focus on the support level at $3,990 below.

Gold hourly chart

Crude Oil:

Since April this year, OPEC+ has accelerated production increases, partly to regain lost market share and partly due to pressure from the United States.

Data from the International Energy Agency (IEA) shows that OPEC+'s total spare production capacity is 4.05 million barrels per day, of which:Saudi Arabia accounts for 2.43 million barrels per day, The United Arab Emirates accounts for 850,000 barrels per day, Iraq accounts for 320,000 barrels per day, Spare production capacity of other countries is minimal or has reached the upper limit.

The EIA crude oil inventory data for the week ending October 3rd in the United States showed an increase of 3.715 million barrels, compared with a previous increase of 1.792 million barrels and an expected increase of 1.885 million barrels, which is bearish for oil prices. At the same time, U.S. domestic crude oil production increased by 124,000 barrels per day to 13.629 million barrels per day, the highest level since December 6th last year.

Technical Analysis:On the daily chart, crude oil has been fluctuating downward from $77.60 since June 19th, with both high and low points declining, and it may fall further in the future.

Yesterday, crude oil encountered resistance and pulled back at $62.8. Intraday, focus on the support level at $61.50 below; if this level is broken, there will be a risk of further decline to new lows.

Crude oil hourly chart

Copper:

After a short-term sharp rise at the end of September, copper prices have maintained a fluctuating upward trend in the past two weeks, with a strong long position. In the short term, copper prices have been fluctuating in the past two days. The probability of further breaking to new highs remains high as long as prices do not fall below $4.95. Intraday, focus on the resistance level at $5.07 above.

Nikkei 225 :

The Nikkei 225 opened with a gap-up this week and rose directly above 48,000 points, continuing its upward trend on the daily chart. From the perspective of the 1-hour chart, it maintained a high-level fluctuation yesterday. Compared with the previous upward movement, the pullback momentum is limited. Intraday, focus on the support level at 47,800 points.

[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.]
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