Gold & Silver Soar, Oil Recovers from Lows

An individual, through varying degrees of exercise, gains varying degrees of cultivation and benefits. In this market, many friends have longed for a daily sunrise-like ascent; the very fluctuations in the market are inherently exciting. What's可怕的 is not taking the wrong path, but the fear of embarking on any journey at all. What's truly terrifying is not failure itself, but giving up on oneself. Some market trends are beyond our control, so we must control ourselves instead. If the market makes you angry, it indicates that you are not yet certain of your ability to overcome it.

On Tuesday (October 29th), in the Asian morning session, spot gold fluctuated narrowly, currently trading near $2742 per ounce. The gold price, which had been setting record highs, took a breather on Monday due to rising U.S. Treasury yields and a strong dollar, while investors awaited a series of significant U.S. economic data and risk events to be announced this week for clues on the Federal Reserve's interest rate outlook. Geopolitical concerns continue to provide safe-haven support for gold prices.

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Iran's Foreign Ministry spokesman, Baghaei, stated at a press conference on the 28th that Iran would not relinquish its right to respond to Israel's "aggression" against its territory. Baghaei emphasized that responding to Israeli attacks is the right and responsibility of the Iranian government. According to international law, any country subjected to aggression and illegal use of force possesses such rights. Regardless of the outcomes of negotiations and talks, Iran will "resolutely respond to Israel in an appropriate manner," which will be determined by the country's armed forces and relevant authorities.

Driven by strong signs of the U.S. economy, expectations are that its policies may delay interest rate cuts, leading the U.S. dollar to achieve its largest monthly gain against a basket of major currencies in two and a half years. The U.S. Dollar Index rose by 3.6% in October, reaching 104.46, marking the largest monthly increase since April 2022. The U.S. Dollar Index fluctuated at high levels on Monday, closing at 104.31 points, nearly unchanged. U.S. Treasury yields hit a three-month high on Monday due to improved risk sentiment, with Wall Street stocks rising ahead of this week's important tech earnings reports.

Gold Market Analysis for 10.29:

Gold opened with a direct gap lower yesterday, falling to around 2738, and after directly dropping to the 2725 level during the Asian session, it began to maintain a low-level consolidation. It operated within a small range during the European session, and after the U.S. session opened, it was directly pulled up to the high-pressure position, then maintained a high-level consolidation trend. The daily chart closed with a small positive candlestick with a long lower shadow. On the daily chart, the Bollinger Bands are still opening upwards, with the K-line temporarily operating near the upper rail. The MA5 and MA10 moving averages are temporarily consolidating at high levels. The MACD energy column is gradually decreasing, and the KDJ indicator forms a golden cross. On the larger daily cycle, today's outlook is still for a bottoming and recovery trend, with strong support positions rebounding upwards, and the focus remains on the low-side long positions. On the shorter cycle, the Bollinger Bands show a trend of opening and diverging upwards, with the K-line still consolidating in the upper rail area. The MA5 and MA10 moving averages are turning upwards and diverging. The MACD energy column is expanding, and the KDJ indicator forms a golden cross. On the shorter cycle, today's focus is on low-side long positions, looking to buy on dips and watch for upward movements.

Gold Trading Suggestions for 10.29:

1. Long positions near 2735/2737, with a stop loss of 6.5 dollars, targeting 2748–2763–2778;

2. Long positions at any time near 2720/2722, with a stop loss of 6.5 dollars, targeting 2730–2743;

3. Short positions near 2778/2780, with a stop loss of 6.5 dollars, targeting 2768–2760.4. Please pay attention as advice will be given separately if there is a change in the market;

10.29 Silver Market Analysis:

 Silver opened near 33.54 yesterday. After a slight decline in the Asian session to test the daily low support level at 33.22, it began to rebound and rise. During the European session, it continued to fluctuate, and after the opening of the US session, it continued to rise, reaching a daily high of 33.98, then closed with a slight pullback, with a small positive trend on the daily line. On the daily chart, the Bollinger Bands are opening upwards, with the K-line fluctuating near the upper rail. The MA5 and MA10 moving averages are temporarily diverging upwards. The MACD energy column is running with volume, and the KDJ indicator is in a death cross. On a larger daily cycle, today is still expected to see a rebound and rise, with a low and long operation, and continue to look for new highs. On a short cycle, the Bollinger Bands are flat, with the K-line temporarily running near the middle rail. The MA5 and MA10 moving averages are currently starting to run flat near the middle rail. The MACD energy column is gradually shrinking, and the KDJ indicator is in a golden cross. On a short cycle, it is still advisable to continue to do long at low levels and look for a rise.

10.29 Silver Trading Suggestions:

1. Long positions near 33.23/33.47 below, stop loss at 33, target up to 34-34.54-35;

2. Long positions at any time near 32.62/32.78, stop loss at 32.42, target up to 33.48-34;

3. Short positions near 34.84/35 above, stop loss at 35.25, target down to 34.33-33.85;

4. Please pay attention as advice will be given separately if there is a change in the market;

10.29 Crude Oil Market Analysis:

 Crude oil opened directly with a gap down to near 69 yesterday. During the Asian session, it fluctuated, and during the European session, it began to decline slowly. The US session continued to decline, reaching a new daily low of 66.9, then closed with fluctuations, with a small negative trend on the daily line. On the daily chart, the Bollinger Bands are running flat, with the K-line temporarily fluctuating near the lower rail. The MA5 and MA10 moving averages are turning downwards from the middle rail position. The MACD energy column is gradually shrinking, and the KDJ indicator is in a death cross. On a larger daily cycle, today is expected to see a bottoming and rebound trend, with low long positions below the support level, still looking for a rise. On a short cycle, the Bollinger Bands are flat, with the K-line running up and down the rails. The MA5 and MA10 moving averages are currently running flat near the middle rail. The MACD energy column is in a state of volume operation, and the KDJ indicator is in a death cross. On a short cycle, today is expected to see an upward trend.October 29 Crude Oil Trading Suggestions:

1. Consider going long near 67/67.3, with a stop loss at 66, and target to rise to 68.5—70—72;

2. At any time, consider going long near 65.4/65.6, with a stop loss at 64.3, and target to rise to 67—68.8;

3. Consider going short near 70.5/70.7, with a stop loss at 71.6, and target to fall to 69—68.