Metals Slide, Oil Seen Declining

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On Wednesday (November 27), in the early Asian session, spot gold experienced narrow fluctuations, currently trading around $2628 per ounce. The price of gold remained steady on Tuesday, having touched a one-week low of $2605.13 earlier during a tug-of-war. This was following a ceasefire agreement between Israel and Lebanon that softened safe-haven demand. However, concerns over tariff plans limited the decline in gold prices, which closed at $2633 per ounce on Tuesday, up approximately 0.29%.

The minutes from the Federal Reserve's meeting on November 6-7 revealed differing opinions among officials regarding potential future interest rate cuts. Nonetheless, they collectively decided not to provide specific guidance on the likely direction of U.S. monetary policy. Following the release of the minutes, yields on short-term government bonds declined, while traders in interest rate futures slightly increased their bets on a 25 basis point rate cut at the Fed's meeting next month. Data from CME Group indicated that later on Tuesday, the market assessed the likelihood of a December rate cut at 62.8%, up from 56% earlier in the day.

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Today presents a relatively high number of risk events; in the Asian session, we will first see the New Zealand Reserve Bank's interest rate decision, where the market generally expects a 50 basis point cut. This would reduce the opportunity cost of holding gold, leaning towards supporting its price. In addition, the New York session will bring the U.S. third quarter GDP revision data, the preliminary monthly figures for durable goods orders in October, and the year-on-year PCE price index for October. The current market expectation leans toward optimism, which could place limitations on gold prices.

Gold Market Analysis for November 27:

Gold opened yesterday near $2625, plummeting directly to the strong support level of $2605 before rebounding. It rose during European hours and continued to reach a high of $2642 before experiencing a pullback in the U.S. session, closing with slight fluctuations and a small bullish pattern on the daily chart. The Bollinger Bands are currently tightening, with the K-line operating below the middle track. Both the MA5 and MA10 moving averages are diverging upward from the low, with the MACD energy bars increasing and the KDJ indicator showing a golden cross. Analyzing from a daily perspective, expect a downward trend today, as high positions hold considerable pressure. Today's view leans toward a decline; focus on short-selling during rebounds. In the short term, the Bollinger Band appears flat, with the K-line oscillating between the upper and lower bands. The MA5 and MA10 moving averages are flattening around the middle track. The MACD energy bars are gradually shrinking, and the KDJ indicator shows a death cross. Thus, the overall short-term view remains within a high short-selling phase; continue short-selling throughout the day.

Trading Recommendations for Gold on November 27:

1. Short at around 2632/2634, with a stop loss at $6.5 and targets at 2616—2590—2564;

2. Anytime around 2650/2653, short with a stop loss at $6.5 and targets at 2636—2620;

3. Long at around 2560/2562, with a stop loss at $6.5 and targets at 2573—2586;

Silver Market Analysis for November 27:

Silver opened yesterday near $30.29, trending downward in the Asian session, testing the daily low support at around $29.97, before rebounding. It continued to rise in the European session and reached a daily high of $30.69 in the U.S. session, closing slightly lower, forming a small bullish pattern on the daily chart. The daily chart suggests that the Bollinger Bands are tightening, with prices running below the middle track. The MA5 and MA10 moving averages are diverging down from the middle track, while the MACD energy bars are gradually shrinking, and the KDJ indicator shows a golden cross. From a daily perspective, it seems we'll continue seeing pressure positions, analyzing for weak downward trends. In the short term, the Bollinger Bands appear flat, and the K-line oscillates near the middle track. The MA5 and MA10 moving averages are flattening around the middle. The MACD energy bars are expanding, and the KDJ shows a golden cross, leading us to continue a bearish stance for today with a focus on short positions.

Trading Recommendations for Silver on November 27:

1. Short at around 30.53/30.68, with a stop loss at 30.86 and targets at 30—29.53—29;

2. Anywhere around 31/31.25, short with a stop loss at 31.52 and targets at 30.62—30;

3. Long at around 28.83/29, with a stop loss at 28.62 and targets at 29.54—30;

Crude Oil Market Analysis for November 27:

Crude oil opened yesterday near $69, showing a slight downward trend in the Asian session. It began rebounding in the European session and reached a new intraday high of $70.3 before declining again. By the end of the session, it had dropped to a new low of around $68 before closing with fluctuations, forming a small bearish pattern on the daily chart. The daily chart indicates that the Bollinger Bands are running flat, with the K-line temporarily operating below the middle track. The MA5 and MA10 moving averages are flattening around the middle track. The MACD energy bars are gradually reducing, and the KDJ indicator shows a golden cross. Looking at the larger cycle for today, it appears a downward movement will occur, but overall, prices continue to operate within a range. The expected trend is a decline followed by a rebound. Analyzing in the short term, the Bollinger Bands remain flat as the K-line retraces after pushing higher. The MA5 and MA10 moving averages are in a downward divergence pattern. The MACD energy bars indicate an increasing spread, and the KDJ displays a death cross, suggesting minor consolidation within a small range for today and a focus on short positions in anticipation of a downward move.

Trading Suggestions for Crude Oil on November 27:

1. Short at around 69.4/69.6, with a stop loss at 70.5 and targets at 68—66.8;

2. Anytime testing 71.6/71.8, short with a stop loss at 68 and targets at 70.3—69;

3. Long at around 66.6/66.8, with a stop loss at 65.6 and targets at 67.5—69;