Thanksgiving Trading Light, Gold Edges Higher, Oil Continues Decline

Due to the U.S. Thanksgiving public holiday, trading activities for gold and crude oil have slowed. The weakening of the U.S. dollar has led to a slight rise in gold amid optimistic sentiments about the end of the interest rate hike cycle.

Market expectations suggest that OPEC+ will not deepen production cuts, causing oil prices to continue their decline, dropping by nearly 1%.

Gold >>

On Thursday, gold prices saw a marginal increase of 0.14%, closing at $1992.74 per ounce, as the U.S. markets observed Thanksgiving, resulting in subdued trading.

After approaching the $2000 per ounce level, gold prices retraced and stabilized above $1990 per ounce, experiencing a slight uptick supported by a weakening U.S. dollar.

Earlier, gold had retreated from overnight trading levels due to robust labor market data, intensifying uncertainty about the U.S. interest rate path. Gold exhibited strong gains earlier in the week, driven by increasing optimism in the market that the Federal Reserve has completed its interest rate hikes for this cycle.

From a technical perspective, gold rebounded from its recent lows, making consecutive attempts to move higher. However, it faced resistance near the six-month high, encountering obstacles around the $2000 integer mark.

Despite limited downside potential in gold prices, if a breakthrough is not achieved over an extended period, there may be a risk of corrective retracement.

Technical Analysis:

Today’s short-term trading strategy for gold suggests focusing on short positions during rebounds, with long positions considered as a secondary option during pullbacks.

  • Key resistance levels to watch in the short term are around 2004-2010.
  • Key support levels to watch in the short term are around 1980-1978.

WTI Crude Oil >>

On Thursday, oil prices continued their decline, with U.S. crude falling by approximately 1%, dropping $0.78 per barrel to close at $76.32, reflecting a 1% decrease. Brent crude also experienced a decline, losing $0.54 per barrel to settle at $81.42, representing a 0.66% decrease.

Due to the U.S. Thanksgiving holiday, trading activity was subdued. Following the unexpected delay of the highly anticipated OPEC+ production policy meeting, the market anticipates that OPEC may not deepen production cuts next year, leading to a continued decline in oil prices.

From a technical perspective, oil prices confirmed a second retracement under pressure yesterday. The daily chart closed with a small bearish candle, and crucial resistance levels were not breached.

The minor high point at 79.70 remains unrecovered, facing resistance during the Asian session after consolidating below the previous day’s high, with a retracement during the European and U.S. sessions.

Technical Analysis:

Today’s crude oil trading strategy suggests a primary focus on short positions during rebounds and secondary consideration for long positions during pullbacks.

  • Key resistance levels to monitor in the short term are around 77.0-77.5.
  • Key support levels to monitor in the short term are around 74.0-74.5.

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While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

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