Gold
On Thursday, gold price fell below US$1810. The data showed that total claim of unemployment benefit fell more than expected to 473,000, while the previous week’s data was revised to 507,000. In addition, the US Producer Price Index (PPI) rose 0.6% in April, a year-to-year increase of 6.2%, exceeding market expectations. The decrease in the interest rate US Treasury bond supports the price of gold. The rise in the U.S. dollar index limited room for the increase in price of gold. From a technical point of view, the gold daily bullish trend remains unchanged, and H4 graph showed that upward movement will be difficult. The market maintains bullish dominance as long as the price do not fall below 1800. The middle band of Bollinger band becomes the resistance. The indicator is relatively neutral and bearish. Overall prioritise Sell on High on fluctuation zone. The deciding point whether to buy or sell is in 1813.
Resistance：1830-1838-1846
Support：1817-1810-1800
Crude Oil
Crude oil dropped by $1.99 or more than 3% on Thursday, and close at $63.77 per barrel. Due to the worsening of the COVID-19 pandemic crisis in India and the resumption of operations of a key fuel pipeline in the United States, the increase in oil prices has stopped. After forecasting that global demand would recover later this year, the rally once pushed crude prices to an eight-week high. The spread of COVID-19 mutant strains in many countries around the world was a key factor causing the drop in oil prices. From a technical point of view, crude oil forms a long bearish candle which penetrates through the 5 day and 10 day moving average, and formed a Death Cross at a high level. H4 graph shows that crude oil penetrates through the trend line short term and forms an M pattern. All indicators shows bearish sign. Overall prioritise Sell on High on fluctuation zone. The deciding point whether to buy or sell is near 63.00.
Resistance：64.10-64.80-65.50
Support：63.00-62.40-60.50
Disclaimer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk
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