【Gold News Analysis】: On Friday (October 11th),spot gold rose by 1.1%,trading at $2,658.42 per ounce,marking a second consecutive trading day of gains.U.S.inflation data reinforced the prospect of a rate cut next month,keeping the dollar below recent highs,while safe-haven demand triggered by geopolitical tensions in the Middle East continued to support gold.
【Gold Technical Analysis】: On the technical front,on the daily chart,gold remains in a high-range consolidation with minor adjustments.The technical indicator MACD forms a death cross,and the Relative Strength Index (RSI) begins to retreat from the overbought area,indicating a heavier head for gold in the short term.Should the gold price break below the September 30th low of $2,624 per ounce,it may retreat towards the $2,600 per ounce threshold.Further softening could see support at the 50-day Simple Moving Average (SMA) at $2,531 per ounce.On the other hand,for gold to challenge the year-to-date high of $2,685 per ounce,it would need to close above $2,650 per ounce and break through $2,670 per ounce.Beyond this,the gold price will aim for the $2,700 per ounce milestone.Integrating the above analysis: Therefore,the operational idea for gold today is to focus on buying on dips with a secondary strategy of selling on rallies.Gold layout: Sell in batches at 2666-2670,stop loss at 2675,target 2650-2645,hold if broken.On a retracement,enter long at the 2648-2645 range,stop loss at 2640.Target 2658-263,hold if broken.
【Crude Oil News Analysis】: At the New York Mercantile Exchange,the November futures price for West Texas Intermediate (WTI) crude oil closed down 29 cents on Friday,a decrease of 0.38%,at $75.56 per barrel.For the week,WTI crude oil futures rose by approximately 1.6%,continuing the upward trend from the previous week.Meanwhile,the December futures price for Brent crude oil fell by 36 cents,a decrease of 0.45%,closing at $79.04 per barrel,with a weekly increase of about 1%.
【Crude Oil Technical Analysis】: Crude oil experienced a narrow range of fluctuations last week,stabilizing and hovering around $74.4,with highs around $75.8.On the daily chart for crude oil,after two bearish candles,a large bullish candle was formed,indicating a significant recovery after a substantial drop,signaling a return of the bulls.This week,the focus will be on whether the bullish trend continues to probe higher.On the four-hour chart,the oil price shows a range-bound fluctuation,with a short-term pullback.The moving average system below forms a golden cross,running below the oil price to provide support,suggesting a potential continuation of the bullish trend.Integrating the above analysis: After the rise in crude oil,a narrow range of fluctuations occurred,and the market will focus on the continuation of the bullish trend.Therefore,the operational idea for crude oil today is to focus on buying on dips with a secondary strategy of selling on rallies.In the short term,pay attention to resistance at the 75.5-76.0 line,and in the short term,pay attention to support at the 73.0-72.5 line.Crude oil layout: Sell in the range of 75.2-75.5,stop loss at 76.2,target 74.0-73.5.On a retracement,enter long at the 73.2-72.8 range,stop loss at 72.3,target 74.0-74.5,hold if broken.
