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market analysis
11.3 Will gold and crude oil prices continue to rise? How to operate gold and crude oil when they open on Monday
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: Will the gold and crude oil market rise in 11.3? How to operate gold and crude oil when it opens on Monday." Hope this helps you! The original content is as follows:
Gold market trend analysis:
Gold news analysis: On Friday (November 1), the October non-farm payrolls report showed that the number of new jobs in the United States fell sharply, with only 12,000 added, far below market expectations of 113,000. The non-agricultural data this time failed to boost market confidence, and coupled with rising expectations of a rate cut by the Federal Reserve, the dollar may continue to be under pressure in the short term. The future trend of the U.S. dollar depends largely on the Federal Reserve's interpretation of employment data and its subsequent interest rate decisions. If the Federal Reserve increases its interest rate cuts next year, the U.S. dollar may gradually weaken. Gold is expected to continue rising on the back of a weaker U.S. dollar. The current key resistance level for gold prices is $2,800. If it breaks through this point, it may continue to seek higher space. However, investors need to note that if subsequent non-agricultural data picks up, gold's gains may be limited. The direction of future non-agricultural data will be a key factor for the market to judge the U.S. economy and policy. Investors can make corresponding adjustments based on the trend after this non-agricultural report.
Gold technical analysis: Gold's daily line closed at Dayin K yesterday, and the high inflection point predicted at 2790 was successfully suppressed, but it cannot be defined as a weakening continuation correction for the time being; because it still closed on the 10 moving average, and for a strong unilateral upward trend, it is the first time that there is a negative trend, and it is easy to not continue to be negative. At present, it can only be said that it has changed from a strong short squeeze to a high shock. We need to look at today's closing pattern to confirm whether it will start a shock downward correction next week or return to a short squeeze and pull up; if there is a continuous negative streak today and the closing effectively falls below the 10 moving average, there is a high probability that it will choose to gradually adjust downwards. In this way, it will still cycle through the two moves at the end of August and early October, and finally stabilize in the middle track before proceeding to a unilateral rise in the market; if there is no continuous negative streak today, insteadIf it closes positive, it is possible that it will be shorted higher early next week or be in a defensive consolidation at a relatively high level.
Looking at the 4-hour gold level, the Yin fell overnight. Today, the 10 moving average and the mid-rail have become counter-pressure points. On the 5th, it moved down to the 2760 line and the mid-rail to the 2767 line. The rebound focuses on gains and losses under pressure. Supporting the 2740 line on the 66th, we also pay attention to the gains and losses of support. In other words, whichever side effectively breaks through and stands firm, it will continue; today's Asian and European market has gone one The recovery process of the shock and slow rebound is a normal rebound effect. The bullish rebound from the overnight low also successfully reached the highest point of the day at 2757-62. Today, the European market shows signs of a slow downward movement of highs, and the support below is the 2720 line. At the beginning of next week, short-term attention will be paid to the operation within this range. If it falls below the 2740 line, it will continue to weaken. If it stands above 2772, it will see a strong return of the bulls. On the whole, He Bosheng suggests that gold's operation ideas next week will mainly be to rebound from high altitudes, supplemented by falling back to lows. The top short-term focus will be on the first-line resistance of 2750-2755, and the bottom short-term focus will be on the 2725-2720 first-line support.
Crude oil market trend analysis:
Crude oil news analysis: On Friday (November 1), U.S. crude oil surged higher and continued to fall back during the U.S. trading session. It is currently trading around $69.37 per barrel. Fundamentally, there is news that Iran is preparing to retaliate against Israel within a few days. Coupled with the delay in OPEC+ production increase, oil prices have formed an oversold rebound. It is still unable to escape the box range shock. We need to wait for fundamental changes after the U.S. election. This trading day will focus on whether the U.S. non-farm payrolls data will support further strengthening of the U.S. dollar, put pressure on the Federal Reserve's expectations of an interest rate cut in November, and drive a recovery in U.S. crude oil demand.
Crude oil technical analysis: Crude oil fell first and then rose yesterday. After opening, the retracement low stabilized and rebounded around 68.2, and then broke through the high and hovered around 70.7 US dollars. Looking at the daily level of crude oil, the overall trend of oil prices was very strong yesterday, which was in line with expectations. The daily line received a strong positive. Although the current pressure appears, it does not affect the filling gap of oil prices, so the rebound will continue to be more, and the support of the trend line is still effective. At the four-hour level, the Bollinger Bands show signs of closing, and the moving average system sticks to run above the oil price to form a resistance level. After further breakthrough, the previous short pattern of oil prices will change. However, it is obvious that the current momentum is not enough. In the short term, it is in an upward pattern. First, pay attention to whether the oil price can continue after filling the upper gap. Based on the above analysis, He Bosheng believes that: crude oil fell first and then rose, and the bullish position has continued. In terms of operation next week, the retracement layout will be considered first, and long orders will be considered first. Resistance levels such as high altitude will be considered. The top will focus on the 70.5-71.0 first-line resistance in the short term, and the bottom will focus on the 68.3-67.8 first-line support in the short term.
This article is exclusively planned by He Bosheng, a gold and crude oil analyst. Due to the delay of network push, the above content is personal advice. Due to the timeliness of online publishing, the suggestions in this article are for learning reference only. You should operate at your own risk. Regardless of whether you agree with the views and strategies of the article, you can xm-forex.come to me and discuss them with me.Discuss and learn! Nothing is difficult in the world, as long as there are people who are willing. Investment itself carries risks. I remind everyone to look for authoritative platforms and powerful teachers. Fund safety xm-forex.comes first, secondly consider operational risks, and finally how to make profits.
The above content is all about "[XM Foreign Exchange]: Will the gold and crude oil market rise on 11.3? How to operate gold and crude oil when the market opens on Monday". It is carefully xm-forex.compiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your trading! Thanks for the support!
Due to the author's limited ability and time constraints, some contents in the article still need to be discussed and studied in depth. Therefore, in the future, the author will conduct extended research and discussion on the following issues:
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