Spot Gold: On November 28, economic data showed that initial jobless claims for the week ending November 22 fell by 6,000 to 216,000, the lowest since April, beating economists' expectations of 225,000. Meanwhile, U.S. durable goods orders in September grew 0.5% month-on-month, down from August's 3% but still above the forecasted 0.3%. Excluding volatile items like transportation and defense, orders rose 0.9%, significantly surpassing the 0.2% estimate.
Gold prices dipped during Asian trading hours on Thursday, reflecting improved risk sentiment and reduced safe-haven demand amid thin holiday trading. Growing expectations of another Fed rate cut in December and optimism over regional peace talks have shifted capital from gold to risk assets.
Technically, gold extended its rebound, closing with a solid bullish candle and holding above the 10-day moving average and the 60-period SMA ($4,100.56/oz), providing strong mid-term support. A bullish MACD crossover suggests a potential return to upward momentum, though consolidation in the indicator signals lingering market indecision. Key resistance lies at $4,190–$4,210, with support at $4,148–$4,109. Strategy: Prefer selling rallies with secondary buying opportunities. Pivot: $4,151/oz.
Evening Gold Trading Suggestions: - Sell: Aggressive $4,185–$4,177 or conservative $4,205–$4,210, stop-loss $10, target $15–$40. - Buy: Aggressive $4,118–$4,123 or conservative $4,065–$4,070, stop-loss $10, target $15–$40.
WTI Crude Oil: Oil traded near $59/barrel in early Asian hours amid reports that OPEC+ may maintain current output levels at Sunday’s meeting. Fed rate-cut bets and cautious optimism over geopolitical developments supported a slight uptick in prices.
Technically, oil remains in a secondary consolidation phase, with three consecutive bearish candles testing the $56 support. A bearish MACD crossover near zero indicates growing downside momentum. A break below $56 could confirm a mid-term downtrend. Short-term (1H), oil fluctuates within $59.00–$57.00, with MACD favoring bulls near the upper bound. Key resistance: $61.1–$59.5; support: $56.5–$57.2. Strategy: Favor selling highs with selective longs. Pivot: $58.0/barrel.
Evening Oil Trading Suggestions: - Sell: Aggressive $59.5±2 or conservative $60.1±2, stop-loss $0.6, target $57.5. - Buy: Aggressive $58.0±2 or conservative $57.5±2, stop-loss $0.6, target $59.6.
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