At the beginning of the Asian market session on Tuesday (November 26th), spot gold continued its downward trend from Monday and once hit a new one-week low of $2,605.34 per ounce. Gold prices tumbled by more than 3.3% on Monday, snapping a five-day winning streak and recording the biggest single-day percentage decline since June 7th. After reaching a nearly three-week high earlier in the session, prices reversed course as reports emerged that Israel was nearing a ceasefire with Hezbollah, dampening gold's safe-haven appeal. Additionally, the nomination of [name] as the U.S. Treasury Secretary led to a reversal of the "trade". Technically speaking, if the price breaks below the $2,600 mark, it could potentially fall further towards the 100-day moving average, around $2,565 in the future.
The minutes of the Federal Reserve's November meeting, the revised U.S. gross domestic product (GDP), and the core personal consumption expenditures price index (PCE) are expected to provide clues about the Fed's policy outlook. Chicago Fed President Austan Goolsbee said on Monday that he expects the Federal Reserve to continue cutting interest rates to achieve the goal of neither restricting nor promoting economic activity. Goolsbee stated, "Unless there is compelling evidence of an overheating economy, I see no reason not to continue lowering the federal funds rate." He added, "The pace of rate cuts depends on the outlook and conditions. But in my view, we are on a clear path that will lead to a decline in interest rates, closer to the neutral rate."
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Analysis of Gold Price Movement on November 26th
Gold opened near $2,715 yesterday. After a slight rally in the Asian session to the intraday high-pressure level of $2,721, it began to plummet. During the European session, it maintained a consolidating trend within a narrow range. After a brief rally at the opening of the U.S. session, it continued to plunge, and finally crashed to the lower support level of $2,616 at the end of the session. Then it remained in a low-level sideways consolidation until the close, with the daily chart showing a large bearish candlestick. Looking at the daily chart, the Bollinger Bands are gradually flattening. The K-line is currently running below the middle track, and the MA5 and MA10 moving averages show signs of flattening near the middle track. The MACD histogram is gradually shrinking, and the KDJ indicator has a golden cross. In the long-term daily cycle, prices are likely to remain within a large range. Today, a rebound from the lows is expected, with a strong support level likely to trigger a corrective rally, suggesting a long position at lower levels. In the short term, the Bollinger Bands are opening downward, with the K-line oscillating near the lower track. The MA5 and MA10 moving averages are diverging downward from high levels, and the MACD histogram is gradually shrinking, while the KDJ indicator has a dead cross. In the short term, there is still room for further downward movement, but today, a rebound from the lows is still expected, with support levels likely to trigger a corrective rally.
Trading Recommendations for Gold on November 26th
Go long near $2,605/$2,607, with a stop-loss of $6.5 and target prices of $2,620 - $2,642 - $2,680.
Go long near $2,590/$2,592 at any time, with a stop-loss of $6.5 and target prices of $2,606 - $2,630.
Go short near $2,680/$2,682, with a stop-loss of $6.5 and target prices of $2,670 - $2,655.
Silver Market on November 26th
Silver opened near $31.28 yesterday. After a slight rally in the Asian session to the intraday high-pressure level near $31.47, it started to decline, with a sharp drop in the Asian session. During the European session, it maintained a consolidating trend within a narrow range. After the opening of the U.S. session, it continued to move downward, and finally refreshed the intraday low to the strong support level of $30 at the end of the session. Then it remained in a low-level sideways consolidation until the close, with the daily chart showing a large bearish candlestick. Looking at the daily chart, the Bollinger Bands are gradually narrowing. The K-line is currently running at the strong support level below. The MA5 and MA10 moving averages are diverging downward from high levels. The MACD histogram is in a state of expanding volume, and the KDJ indicator has a dead cross. In the long-term daily cycle, a rebound from the lows is expected today, with a strong support level likely to trigger a rally, suggesting a long position at lower levels. In the short term, the Bollinger Bands are gradually flattening. The K-line is in a low-level sideways consolidation. The MA5 and MA10 moving averages are temporarily running downward. The MACD histogram is gradually shrinking, and the KDJ indicator has a golden cross. In the short term, a rebound from the lows is expected today, with a strong support level likely to trigger a corrective rally.
Trading Recommendations for Silver on November 26th
Go long near $29.83/$30, with a stop-loss of $29.62 and target prices of $30.64 - $31.37 - $32.
Go long near $29.53/$29.65 at any time, with a stop-loss of $29.25 and target prices of $30.12 - $30.74.
Go short near $31.35/$31.48, with a stop-loss of $31.67 and target prices of $30.97 - $30.43.
Crude Oil Market on November 26th
Crude oil opened near $71.5 yesterday, which was basically near the intraday high-pressure level. It was in a downward trend during the Asian session. During the European session, it began to rebound slightly. After the opening of the U.S. session, it continued to decline, and finally refreshed the intraday low to $68.7 at the end of the session. Then it remained in a low-level sideways consolidation until the close, with the daily chart showing a large bearish candlestick. Looking at the daily chart, the Bollinger Bands are flattening. The K-line is running below the middle track. The MA5 and MA10 moving averages are currently running flat near the middle track. The MACD histogram is gradually shrinking, and the KDJ indicator has a dead cross. In the long-term daily cycle, a corrective downward movement is expected today, with high-pressure levels suggesting short positions on rebounds. In the short term, the Bollinger Bands are opening downward. The K-line is oscillating near the lower track. The MA5 and MA10 moving averages have already turned downward from high levels and are diverging, and the MACD histogram is.
Trading Recommendations for Crude Oil on November 26th
Go short when testing near $72.8/$73, with a stop-loss of $74 and target prices of $71.2 - $70.
Go long when testing near $69/$69.2, with a stop-loss of $68 and target prices of $70.3 - $72.
Go long near $70.5/$70.7, with a stop-loss of $69.6 and target prices of $71.8 - $73 - $74.