Senior Analyst Peng Cheng
2024-11-07 16:45:00
Gold:
The U.S. election, which has been watched around the world, has finally come to an end, and
Trump has returned to the White House by a landslide, and the uncertainty factors that the
market has worried about in the early stage have also been reduced, and the market has become
active again, which has affected gold plummeting.
Trump's 2.0 policy will have a profound impact on the United States and the world, reducing the
corporate income tax rate from the current 21% to 15%, which will reduce the burden on
enterprises and increase corporate profits in the long run. Market funds are selling safe-haven
assets in favor of risky assets in pursuit of higher yields.
Trump's promise to impose tariffs on imports could have an adverse reaction, as importers would
pass on the additional costs to consumers, meaning that inflation in the United States could
rebound. This will also make the Fed hesitate to cut interest rates, which may be much smaller
than the market expects, and tomorrow's Fed rate cut may be as little as 25 basis points.
Technicals: Gold daily line closed the black line, pullback to the early shock area, if the area
falls below, the downside space will be opened, is an important medium-term watershed. There is
a possibility that the structure will be completed in 1 hour, and the probability of a
short-term rebound is high, but it is advisable to follow the trend and pay attention to the
pressure on the upper line of $2676.
Crude oil:
Overnight, oil prices first fell and then rose, and the short-term fell sharply and then
recovered, forming a short lure in the form, but also pointing out the direction for short-term
operations. The arrival of a new US president has also added a lot of uncertainty to the energy
market and even expanded the scope of energy sanctions.
U.S. shale oil producers are expecting Trump to reduce regulation of crude oil production during
his second term, which means more crude oil supply and thus lower prices. However, after the
election results, Trump announced that more sanctions would be imposed on Iranian and Venezuelan
crude oil, which instantly made the market nervous, which in turn led to a rapid rise in oil
prices in the short term. However, the author believes that this may only be a short-term
clutter, and the impact on the long-term trend of oil prices will be limited.
Even if sanctions are imposed on oil-producing countries such as Iran and Venezuela, US shale
oil production will make up for this shortfall, which currently accounts for about 22% of the
global total, and if the regulation of fossil fuels is relaxed, US shale oil production may go
to a higher level, which is also a political promise by Trump.
Technical: The daily line of crude oil closes with a small white candle with a long lower
shadow, and the bulls take the initiative. The 1-hour cycle first breaks downward, and then
recovers, which can be regarded as a short inducement, and the short-term probability is likely
to fluctuate upward. In the short term, you can pay attention to the support of the $71 line
below.
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