GOLD
On Monday Asian session, gold price slowly rises above 1850. Last Friday, the US retail sales and consumer confidence index were not as good as expected, as a result, the value of US dollar and the yield on US Treasury Bonds both fell, providing strong support for gold prices. In addition, the speeches by the Fed officials, Palestine-Israel conflict, the recent plunge of Bitcoin, and the worsening epidemic in Asia have all become bullish factors for the rise of gold. Of course, the strength of the stock market limits the rise of gold prices. From a technical point of view, the gold daily line rose continuously, breaking the recent high of 1850, showing a strong performance, H4 graph shows a ladder that went up, The moving average system showed a bullish divergence and the indicators were bullish. Overall prioritise Buy on Low on fluctuation zone. The deciding point whether to buy or sell is near 1845.
Resistance：1855-1863-1872
Support：1845-1838-1830
CRUDE OIL
Crude oil hovered around US$65.50 on Monday, and records the largest gain in a month last Friday. The rebound in the stock market and the weakening of the US dollar supported the price of oil. The recent COVID-19 worries in Asia restricted oil prices from rising further. Israel fired artillery shells on the Palestinian militants in Gaza Strip on Friday and carried out more air strikes against them. The commercial center of Israel has been hit continuously by rockets. The turmoil in the Middle East is conducive to rising oil prices. From a technical point of view, crude oil has formed a bullish and bearish combination on the daily line, and the weekly candle closed with a doji pattern. The current situation can be described as sideways pattern, H4 graph shows the formation of a rectangle pattern. The indicators are relatively neutral and lack direction. Overall prioritise operation on the influctuation zone. The deciding point whether to buy or sell is near 66.50.
Resistance: 65.80-66.50-67.00
Support：64.50-63.90-63.30
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk.
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