Market Analysis of Gold on Tuesday 9 November 2021
In Tuesday's Asian session, gold stabilize at 1822, hitting a two-month high due to support from a falling US dollar and high inflation expectations. However, strengthening US stocks limited the rise in gold prices. Fed officials' debate about interest rate policy also has a certain impact on gold prices.
From a technical perspective, gold's daily graph closed bullish for three days in a row and is steady in 1813 which is a short-term resistance. Indicators continue to show bullish signals. On the 4-hour chart, the gold candle is forming a ladder top, and there are signs of a slowdown. The MA line maintains the strengthening trend and the MACD is stable. Overall prioritize buying at low prices in the fluctuation zone. Consider the support zone and resistance zone, short term intraday trading split the bull bear point around 1812.
Resistance：1828-1834-1840
Support：1818-1813-1800
Market Analysis of Crude Oil on Tuesday 9 November 2021
On Tuesday Asia session, crude oil fluctuated at US$81 per barrel. Positive signs of global economic growth supported energy demand. At the same time, Saudi Aramco increased the official price of crude oil to boost oil prices. Focus on the EIA energy report in the day, this report may determine whether the Biden government releases crude oil reserves to suppress oil prices.
From a technical perspective, the daily graph was under pressure of middle BOLL Band. There were signs of falling back. On H4 graph, crude oil formed V reversal pattern and under pressure of MA60. RSI slightly strengthened. Overall, prioritise Buy. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 80.20.
Resistance：65600-67000-68000
Support：64200-63200-62000
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