#WTI:
OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels. The Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day from December. After the OPEC+ meeting, the White House said it would consider all tools at its disposal to guarantee affordable energy, including the possibility of releasing oil from strategic petroleum reserves. Traders know that the release of strategic reserves can only have a temporary bearish effect on prompt prices and is not a lasting solution for an imbalance between supply and demand.
Trading recommendation: Buy 79.94 and take profit 83.40.
#SP500:
Nonfarm payrolls increased by 531,000 jobs last month, the Labor Department said in employment report. The unemployment rate fell to 4.6% from 4.8% in September. Rising wages, which increased 4.9% year-over-year in October, also increases costs. The report joined rising consumer confidence and services sector activity in painting a more favorable picture of the economy, after the Delta variant of the coronavirus and economy-wide shortages of goods restrained growth in the third quarter to its slowest pace in more than a year.
Trading recommendation: Buy 4659 and take profit 4721.
XAUUSD:
The Federal Reserve stuck to its view that inflation would prove “transitory” and would likely not require a fast rise in interest rates. The market is pushing back on the notion that the Fed is going to be able to hike rates too aggressively here. Yields on the U.S. 10-year treasury notes slipped to their lowest level in about a month. Physical gold demand in India, the world’s second largest consumer, jumped this month as buyers took advantage of a slight dip in prices and bought the precious metal during the festival season.
Trading recommendation: buy 1805.10 and take profit 1822.30.
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