Gold Still Low, Aiming for Historical High; Crude Oil Low Today, Expecting Rise

The market offers you a reversal-style rally with no way back, which is actually a chance for you to charge towards doubling in a one-sided trend! Although there is a cliff ahead, hope lies around the corner. There is no calm sea, and no ship that does not get hurt. If the bull market makes you angry, it only shows that you do not yet have the confidence to beat it. If you still care about my judgment, it means I am still useful to you!

On Wednesday (October 23rd), in the Asian morning session, spot gold fluctuated narrowly at high levels, currently trading near $2,745 per ounce. Gold climbed 1% on Tuesday, shaking off the impact of a strong dollar and U.S. Treasury yields, reaching a record high of $2,748.87 per ounce, closing at $2,748.86 per ounce. The rise in gold prices was fueled by factors such as the Middle East war, which stimulated demand for safe-haven assets, and expectations of further monetary policy easing amplified the gold price rally.

The Israeli military said that Safieddine died three weeks ago in an attack on the southern suburbs of Beirut, marking the first time the military confirmed his death. Earlier this month, Israel said he was likely to have been eliminated. Hezbollah did not immediately respond to Israel's statement about killing Safieddine. Safieddine is a relative of Nasrallah and a member of Hezbollah's highest military body, the Jihad Council, as well as a member of the Executive Council, responsible for overseeing Hezbollah's financial and administrative affairs.

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Gold Market Analysis on October 23rd:

Gold opened near 2720 yesterday, with a slow upward trend during the Asian session, continued to rise during the European session, and rebounded and rose after the opening of the U.S. session. The end of the day refreshed the historical high to the 2749 line, and the daily line directly collected a big positive trend. On the daily line, the Bollinger Bands are still opening and diverging upwards, with the K-line temporarily running above the upper track. The MA5 and MA10 moving averages are in an upward divergence state, the MACD energy column is gradually increasing, and the KDJ indicator forms a golden cross. On the big cycle of the daily line, today is still expected to refresh the historical high, and the current trend is very strong. Today, it is still advisable to do more when the price is low and continue to look for upward momentum. On the short cycle, the Bollinger Bands are opening upwards, the K-line continues to rebound and rise from a low position, the MA5 and MA10 moving averages continue to run upwards from the middle track position, the MACD energy column is gradually shrinking, and the KDJ indicator forms a golden cross. On the short cycle, it is advisable to do more when the price is low and the support is回调.

Gold Trading Suggestions on October 23rd:

1. Long position near 2740/2742, stop loss at $6.5, target to look up at 2753-2767-2780;

2. At any time, test 2715/2717 to do more, stop loss at $6.5, target to look up at 2726-2742;

3. Short position near 2780/2782, stop loss at $6.5, target to look down at 2770-2760.

Silver Market Analysis on October 23rd:Silver opened near 33.78 yesterday. During the Asian and European sessions, it experienced a slow and small upward trend. After the US session started, it continued to rise, reaching a new high for the day at 34.86 before closing with high volatility, resulting in a large bullish daily candle. On the daily chart, the Bollinger Bands are still opening upwards, with the price temporarily above the upper band. The MA5 and MA10 moving averages are turning upwards from the middle band. The MACD energy column is gradually decreasing, and the KDJ indicator shows a golden cross. On the larger time frame, we continue to look for an upward trend today, with a bullish outlook and a focus on low buying. On a shorter time frame, the Bollinger Bands show a trend towards horizontal movement, with the price rebounding from a low position consecutively. The MA5 and MA10 moving averages are currently showing a trend towards horizontal movement at high levels. The MACD energy column is gradually increasing, and the KDJ indicator shows a death cross. On the shorter time frame, we still expect a bottoming and rebounding trend today, with strong support positions for low buying, and we continue to look for an upward trend.

October 23rd Silver Trading Suggestions:

1. Buy near 34.22/34.43 with a stop loss at 34, targeting 35.97–36.63–37;

2. Buy at any time near 33.55/33.67 with a stop loss at 33.32, targeting 34–34.58;

3. Sell near 35.64/35.78 with a stop loss at 35.96, targeting 35.23–34.75.

October 23rd Crude Oil Market Analysis:

Crude oil opened near 70 yesterday. During the Asian session, it was in a consolidating trend, and during the European session, it refreshed the daily low support near 69.4 before starting to rebound and rise. The US session continued to lift, and the price refreshed a new high for the day at 72 before closing with high volatility, resulting in a large bullish daily candle. On the daily chart, the Bollinger Bands are moving horizontally, with the price fluctuating near the middle band. The MA5 and MA10 moving averages are currently showing signs of horizontal movement near the middle band. The MACD energy column is gradually increasing, and the KDJ indicator shows a golden cross. On the larger time frame, we look for a bottoming and rebounding trend, with strong support positions for low buying, and we temporarily look for a rebound and upward trend. On a shorter time frame, the Bollinger Bands are opening upwards, with the price running near the upper band. The MA5 and MA10 moving averages are diverging upwards, the MACD energy column is gradually decreasing, and the KDJ indicator shows a golden cross. On the shorter time frame, we look for an upward trend today, with a focus on low buying.

October 23rd Crude Oil Trading Suggestions:

1. Buy near 70.6/70.8 with a stop loss at 69.5, targeting 72–73.8–75;

2. Buy at any time near 68.8/69 with a stop loss at 68, targeting 70.2–73.3. Consider shorting near the resistance level of 74.5/74.7, with a stop loss at 75.6, and a target to move downwards to 73.2-71.