As traders are waiting for the Fed’s decision this week, it is expected that the Fed will keep interest rates unchanged. Gold prices have stabilized at around $4000 per ounce.
The gold price is basically unchanged, having risen by 0.5% in the previous trading day. Due to a new round of diplomatic efforts that have boosted hopes of avoiding an escalation of the conflict between the US and Iran, oil prices have fallen for the second consecutive day. Meanwhile, influenced by the resurgence of the artificial intelligence boom after the recent selling wave, the stock market is expected to rise.
On the other hand, due to senior officials from multiple countries traveling to Tehran to try to restart negotiations aimed at preventing further escalation of the situation in the Middle East, the global crude oil benchmark Brent crude oil price has dropped by 1% to approximately $114.70 per barrel.
Boosted by the news that Anthropic PBC submitted an initial public offering application, the tech stock rally that spread to Asia after the recent downturn has reignited enthusiasm for the artificial intelligence industry. The oil price continues its downward trend.
The South Korean Composite Stock Price Index (KOSPI) – an important indicator for the artificial intelligence sector – rose by 3.3%, with the chip giants SK Hynix and Samsung Electronics seeing their share prices rise. Japanese semiconductor stocks also rebounded, driving the MSCI Asia-Pacific Index up by 0.7%. Taiwan’s stock market saw a decline.
Apart from Anthropic, the financing activities of technology companies are the main factor driving market sentiment. Meta Platforms Inc. is seeking to raise up to $95 billion in funds. Broadcom arranged a $63 billion transaction for the purchase of chips, while SpaceX signed a lease financing agreement worth approximately $40 billion for equipment.
Nakamura Shigehiko, the chief strategist of Nomura Asset Management, said: “The IPO application of Anthropic is expected to reignite interest in the artificial intelligence sector.” He also pointed out that given the low valuations of semiconductor stocks and the continuous improvement of technical indicators, these stocks are expected to rebound in the short term.
Case Study of Add-ons
Gold: The price has remained stable around the $4000 level, fluctuating narrowly. A clear momentum signal is required for intraday trading to go long. Currently, attention is focused on the $4030/35 area. Additionally, the liquidity in the area near $4000/3990 on the downside also needs to be monitored.
(15-minute chart of gold)
Nasdaq: The price trend is consistent with what we predicted yesterday. After the price impacted 29200, it retraced to confirm, and then rebounded to 29400. Intraday, attention is focused on the rebound trend after the near-term liquidity sweep.
(15-minute chart of Nasdaq)
Crude Oil: The price fluctuated upward in the range of 95-102 last week, and this week it is expected to focus on the range of 98-105. Intraday, attention is focused on the sweep liquidity signal near 100.50, and participation in the sweep followed by the bullish signal.
(15-minute chart of crude oil)
Key financial data and events to watch today:
20:30 US September durable goods orders month rate
22:00 US October Conference Board Consumer Confidence Index
22:00 US October Richmond Federal Reserve Manufacturing Index
