On the technical front, the short-term moving averages on the 4-hour chart are turning downward, and the K-line continues to be under pressure, presenting an overall weak oscillating pattern; the short-term downside space has not yet been fully released. The hourly chart is hovering at a low level with weak rebound strength, and one must be cautious of a "small adjustment followed by another drop" scenario. Tonight's November non-farm payroll data will be a key variable. If the employment numbers and unemployment rate deviate significantly from expectations, gold is likely to break the 4300–4350 oscillation range, with a high probability of increased volatility.
Operational reference:
Consider setting up a short position around 4320, targeting the 4300–4270 range;
Strictly set stop-loss to guard against risks from unexpected breakouts before the non-farm data.
Crude oil: Downward trend continues, approaching key support requires caution
Crude oil continued its decline yesterday, closing with a long-tailed bearish candle, and the trend's downward characteristics are very apparent. The daily level has broken through previous lined-up support, and the K-line is firmly suppressed by the short-term moving averages, with no signals indicating a reversal of the downward trend. The 4-hour chart shows an even more extreme trend, with the K-line basically following the short-term moving averages downward, with almost no significant rebound during this time, and the bears completely dominate the market.
Going forward, one needs to pay attention: there is a possibility of a technical adjustment in the short term, but the overall direction remains bearish. It is especially important to note that the current price is already close to the lower edge of this year's mid-year oscillation range. If it falls further to around 55, it is advisable to wait and see, being cautious of a technical rebound after an overshoot, and avoid blindly chasing shorts near the support level to prevent a passive situation.
Operational reference:
Consider shorting in the 57–57.1 range, targeting 56–55.2;
While following the trend, it is necessary to leave some margin for error to cope with the repeated oscillations near the support level.