24K99 News On Wednesday (November 23) in the Asian market, the gold futures suddenly fell sharply in the short term, and the gold futures fell below 1735 US dollars per ounce. The Kshitij Consultancy Service team (Kshitij Consultancy Service) recently wrote an article on gold futures,silverfutures,crudeFutures and copper futures future trend for forward analysis.
(Gold futures 15-minute chart source: 24K99)
The Kshitij Advisory Services team wrote in the article that gold futures and silver futures need a strong break through the resistance levels of $1,760/oz and $21.30/$50/oz to avoid a pullback in the next few trading days.
New York gold futures prices closed slightly higher on Tuesday.Dollar and U.S. Treasury yields move lowergold priceget braced.
Gold futures for December delivery on the New York Mercantile Exchange closed up 30 cents, or nearly 0.02%, at $1,739.90 an ounce on Tuesday. Gold futures closed at $1,731.40 an ounce on Monday.
Investors are awaiting the minutes of the Federal Reserve’s monetary policy meeting to be released on Wednesday for clues on the Fed’s monetary policy path. If the wording of the minutes is hawkish, gold may suffer a bigger blow.
At 03:00 Hong Kong time on Thursday, the US Federal Open Market Committee (FOMC) will release the minutes of the November monetary policy meeting.
On November 2, the Federal Reserve raised interest rates by 75 basis points for the fourth consecutive time, to a range of 3.75%-4%. The Fed also said it needed to continue raising interest rates to deal with the worst inflation in 40 years.
gold,Kshitij Advisory Services team noted that gold futures remained below $1,750 an ounce. As mentioned yesterday, to ease the downward pressure and move further towards $1795-1800/oz, gold futures need a strong break above $1760/oz. The support level is $1725-1720 per ounce. As long as it stays above $1720/oz, gold futures are likely to remain trading between $1720-1760/oz (a narrow range) and $1720-1800/oz (a wide range) for some time.
(Source of daily chart of gold futures: Kshitij)
For silver,Kshitij Advisory Services said silver futures tested $21.37 an ounce yesterday before falling back from that level. Only a strong breakthrough of 21.30-21.50 US dollars per ounce can cause silver futures to rise to 22 US dollars per ounce; otherwise, the possibility of silver futures falling to 20.00 US dollars per ounce cannot be denied.
(Silver futures daily chart source: Kshitij)
crude oil,Kshitij Consulting Services team said that Brent crude oil futures are currently maintained above 87 US dollars / barrel. If it stays above $87/barrel, Brent oil prices may test $92-93/barrel, and then the trend is expected to reverse. Only if it continues to fall below 87-85 US dollars / barrel, it is possible to drag down the price of Brent oil to 80 US dollars / barrel, or even to 77.55-75 US dollars / barrel.
(Source of daily chart of Brent crude oil futures: Kshitij)
WTI crude oil futures rose slightly and are currently above $80 a barrel. If it can stay above $80/barrel, then WTI oil price may test $83-85/barrel, and then it is expected to fall back. Only when it falls strongly below $80/barrel, can WTI oil prices fall further to $70-68/barrel.
(Source of daily chart of WTI crude oil futures: Kshitij)
copper side,Copper futures currently look stable above $3.60/lb, according to the Kshitij Advisory Services team. Short-term support is at $3.50/lb. As long as it is above $3.50/lb, copper futures still have room to rise towards $3.8-3.85/lb. If it falls below $3.5/lb, copper futures are expected to test down to $3.370-3.360/lb.
(Source of daily copper futures chart: Kshitij)
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