[Early Trading] The US and UK elections cause anxiety, boosting gold's allure.


The moving average system is about to form a golden cross, and the MACD is fully crossing above the zero line, increasing the probability of an upward trend.

Regarding Gold:

Due to Biden's poor performance in the first televised debate, calls for his withdrawal are growing. Interestingly, political betting sites have started offering services for Democratic nomination candidates, showing Vice President Harris faring much better than Biden at times. In some sense, “cold hard cash” might better reflect voters' views.

As of 2 PM Beijing time yesterday (7 AM London time), on-site voting for the 2024 UK election officially commenced, lasting until 5 AM Beijing time this morning. The major curiosity of this UK election is how many cabinet members in Sunak's government will lose their parliamentary seats — losing not just their ministerial positions, but also their status as MPs.

Technical Analysis: Yesterday's gold price fluctuated within a range of less than $12, indicating that a larger short-term movement may be imminent today. On the daily chart, the moving average system is about to form a golden cross, and the MACD is crossing above the zero axis, suggesting higher probabilities for an upward movement.

Regarding Crude Oil:

The world's largest experimental tokamak nuclear fusion reactor under construction, the International Thermonuclear Experimental Reactor (ITER), recently announced a second delay. The tokamak reactor is often referred to as a "man-made sun," and its success could potentially lead humanity to achieve energy independence.

According to Saudi media, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) are conducting preliminary evaluations of Australian energy giant Santos Ltd, considering a takeover. Santos owns several notable liquefied natural gas projects in Australia, Papua New Guinea, and East Timor.

Before humanity overcomes the challenge of nuclear fusion, any so-called energy upgrade is unattainable.

Technical Analysis: Yesterday, oil prices chose to "ignore" the presence of MACD divergence and continued to rise slowly, relying on the 13-day moving average. Ultimately, the bullish pattern of the moving average system does not lie, and the MACD above the zero axis remains in the bullish advantage zone.

【Important Disclaimer: The above content and viewpoints are provided by Zhisheng Research for reference only and do not constitute any investment advice. Investors operate at their own risk.】

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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