Latest Gold Market Trend Analysis:
October 6th, Gold Market Analysis: During Monday's (October 6th) Asian morning session, gold prices soared like a runaway horse, with spot gold surging over $40 at one point to $2,920 per ounce, setting another historical high. This represents not merely a numerical celebration, but a safe-haven feast orchestrated by multiple intersecting macroeconomic storms. From Japan's unexpected political shifts to the Fed's intensifying rate cut expectations, and Washington's government shutdown political deadlock, these factors have collectively ignited gold's blazing rally. In less than 10 days, gold has leaped from its initial breakthrough of the $2,800 level to surpassing the $2,900 milestone, with such fierce momentum leaving investors both amazed and excited. As the eternal safe-haven asset, gold is experiencing its golden era amid a world shrouded in uncertainty.
Gold Technical Analysis: Gold completed its weekly structure last week, opening near $2,759 at the beginning of the week with a slight pullback touching the $2,756 level before strong oscillation and rally. It first surged to touch the $2,897 level before pulling back, touching near $2,818 for consolidation. The late session saw prices rally due to the impact of the U.S. government shutdown, with the weekly candle ultimately closing at the $2,886 level as a saturated large bullish candle with an upper shadow slightly longer than the lower shadow.
On the daily chart, prices have broken out of the previous high-level narrow oscillation range, with K-lines continuing to maintain good oscillating upward movement along short-term moving averages. On the daily chart, attention should be paid to whether there will be a secondary upward move after a pullback confirmation, with short-term focus on support around the $2,890 level. On the 4-hour timeframe, prices have broken through previous resistance with short-term moving averages beginning to hook upward and diverge, maintaining relatively strong short-term momentum. On the hourly timeframe, intraday pullback strength and continuation remain limited, with K-lines continuing to maintain bullish momentum along short-term moving averages. Some divergence appears on smaller timeframes, warranting attention to short-term adjustments.
Gold's early session strong breakthrough to new highs continues the bullish charge in the new upward journey. The 1-hour moving average has turned upward again with bulls returning. Gold still has upward momentum. After the third upward move breaking through the previous $2,880-2,890 area, this has now formed support. On pullbacks to the early session starting point around $2,885, continue buying on dips. Currently at a high of $2,925, the principle remains bullish, but chasing rallies is not advisable. Support below lies in the $2,890-2,880 range. Still wait for pullbacks to establish stable long positions for peace of mind. If key support opportunities are provided, trend-following longs can be established, with upside targets at $2,950 or even higher. Overall, today's gold short-term trading strategy suggests primarily buying on pullbacks, with high-level shorts as secondary approach. Upside resistance focus on $2,945-2,955 levels, downside support focus on $2,900-2,890 levels.
Latest Crude Oil Market Trend Analysis:
Crude Oil Market Analysis: U.S. West Texas Intermediate (WTI) crude rose over 1.4% during Monday's (October 6th) Asian session, as OPEC+'s previously announced monthly production increase was more moderate than expected, alleviating some supply increase concerns. Brent crude consecutive gains of approximately 1.7%, trading at $65.42 per barrel; U.S. crude consecutive gains over 1.4%, trading at $61.75 per barrel. Independent analyst Tina Teng said: "The price jump is mainly boosted by OPEC+'s decision to increase production next month by less than expected, as OPEC+ aims to cushion recent oil market weakness." She added: "However, crude oil prices may continue to be weak due to gloomy global economic prospects." OPEC+ announced Sunday (October 5th) that it would increase oil production by 137,000 barrels per day starting in November, choosing a relatively moderate monthly increase as in October, as concerns about market supply surplus persist.
Crude Oil Technical Analysis: From the daily chart perspective, oil prices faced resistance at the upper edge of the range, with K-lines showing two consecutive large bearish candles falling back to near the lower edge of the range. Crude oil's medium-term objective trend remains in oscillation pattern. The range amplitude is between $66.00-60.80. MACD indicator's fast and slow lines are about to cross above the zero axis, with bearish momentum dominant. Medium-term crude oil movement is expected to maintain oscillation within the range. Short-term (1H) crude oil shows narrow-range low-level oscillation, with oil prices not creating new lows. The moving average system still suppresses oil prices, with short-term objective trend direction remaining downward. Early session overall rhythm shows secondary oscillation pattern, with MACD indicator forming bottom divergence below the zero axis, signaling weakening bearish momentum. Daily crude oil movement is expected to face resistance after rebounds and fall again. Overall, today's crude oil trading strategy suggests primarily shorting on rallies, with buying on dips as secondary approach. Upside resistance focus on $63.0-64.0 levels, downside support focus on $60.5-59.5 levels.