Daily Technical Analysis

Introduction: 

Welcome to our daily technical analysis of the financial markets, focusing today on Gold and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.  

1. Gold Analysis: 

News Summary: 

The Israel-Palestine conflict has kept investors on edge, providing support for safe-haven gold. Gold is used as a safe investment during times of political and financial uncertainty, but higher interest rates raise the opportunity cost of holding non-yielding gold. After a brief period of weakness, inflationary pressures have reignited bullish momentum in US Treasury yields, paving the way for a strong rebound in the US dollar overall. Gold reacted adversely, erasing its previous gains.  

Trend Analysis: 

We can see gold fluctuated around 1870 after CPI data issued and moved above 48 hours moving average. On the other hand, price upward momentum appears to be weak, and the possibility of decline is increasing. If gold price falls, $1,850 could be a point for a rebound. The reasonable tactic is to set sell limit and observe support around 1850, stop loss is necessary.  

Today's Key Price Levels: 

Key Support Levels: [1850] 

Key Resistance Levels: [1900] 

Pivot Points [1887]

2. Crude Oil Analysis:  

News Summary: 

Oil prices reversed early gains on Thursday as a large increase in US crude oil stock exceeded expectations. In addition, US core CPI data for September was stronger than expected, which also revived market concerns about the Federal Reserve raising interest rates again. Oil market sentiment remains high following the Israel-Palestine conflict, investors concerned that political tensions could spread to nearby Iran and Saudi Arabia as conflict escalates rapidly. As a result, oil prices found support.  

Trend Analysis: 

We can see crude oil fell again to around $83 and was below the 48 hours moving average on H4 chart. Crude oil price is under intense selling pressure and has opened opportunity for further bearish moves towards $77. In addition, oil price is still trying to move higher but encountering resistance near $85.00. As a result, the acceptable strategy is to set buy limit around $80, in case of escalating conflict between Israel and Palestine.     

Today's Key Price Levels: 

Key Support Levels: [80] 

Key Resistance Levels: [87] 

Pivot Points [82]