Morning Analysis: Gold Flash Crash, Promising Midline Ahead

Gold:

Gold experienced a flash crash overnight, with a rapid decline of about $50 in the short term, which triggered market panic. However, it is likely that this was caused by profit-taking from earlier gains, and the fundamentals of gold have not changed significantly.

Amid the ongoing increase in geopolitical conflicts in the Middle East, investors' demand for safe-haven assets remains strong, and gold continues to benefit from this.

Globalization and geopolitical conflicts bring a lot of uncertainty, such as deglobalization and further social division in the United States. To hedge against these risks, gold remains an asset worth holding.

Technically: Gold's daily chart closed with a large bearish candle, confirming a top with the previous bearish candles. The uptrend structure in the 4-hour cycle is likely complete, and the short term is likely to be dominated by pullbacks. Intraday short-term trading can focus on the resistance at $2,727.

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Crude Oil:

Crude oil was mainly in a sideways consolidation overnight, with neither strong upward nor downward momentum. The fundamentals of crude oil have shown signs of deterioration, which may affect the long-term trend of oil prices, and some well-known investment banks have lowered their long-term oil price expectations.

The International Energy Agency pessimistically stated that the global crude oil market will face a significant "supply surplus" in the new year, 2025. Major investment banks such as Goldman Sachs and Morgan Stanley have also expressed similar views. These comments have continued to cool the international crude oil market and have affected market sentiment.

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its global crude oil demand growth forecast for this year and next for three consecutive months. The optimism of the previous period is no longer present in the report. Its latest monthly report shows that global crude oil consumption increased by only 1.9 million barrels per day this year, which is 106,000 barrels per day lower than expected.Technical Analysis: Crude oil closed a medium bearish candle on the daily chart, which can be seen as a confirmation of the resistance level above. There is a possibility of forming a continuation pattern in the 1-hour cycle, with momentum not showing a significant weakening. There may still be higher points in the short term, and intraday attention can be paid to the resistance at $72.30.