The minutes of the Federal Reserve meeting have limited impact on precious metals, with long and short vying for the 2000 level;

The minutes of the Federal Reserve meeting have limited impact on precious metals, with long and short vying for the 2000 level;

The market is preparing for OPEC's production reduction, with oil prices fluctuating below the 200 day moving average

On Tuesday (November 21st), spot gold surged, rising from below $1980 per ounce to a key resistance level near $2000 per ounce. Even if stock prices decline and the US dollar stabilizes, this upward trend still exists. Gold prices rose on Tuesday as US treasury bond bond yields remained stable. After hitting $2007 per ounce, gold prices fell back to around $2000 per ounce. The overall trend is still leaning upwards, supported by the expectation that the Federal Reserve will no longer raise interest rates, which puts pressure on the US dollar and is beneficial for precious metals denominated in US dollars.

After two consecutive trading days of rising oil prices, investors took a breather on Tuesday and remained cautious ahead of the OPEC+meeting scheduled for Sunday. At that time, the group of producing countries may discuss deepening production cuts due to global economic growth slowdown. Industry data on US crude oil supply shows an increase in crude oil inventories. Due to the record high crude oil production in the world's largest producer, the United States, and concerns about demand growth and economic slowdown in the market, oil prices have fallen by about 16% since the end of September.