Gold
Today on Asian market, gold price was basically flat, and the current trading is near $1887 s. Last Friday (June 4th), after US non-agricultural employment data showed that employment growth was lower than expected, the price of gold rebounded to $1,896.19 which give the Fed more opportunities to continue to maintain easing policies, which are conducive to rising gold prices.
However, Yellen once again mentioned interest rate hikes, and the reverse repurchase transaction volume overnight last Friday rose to the second highest in history, which may pose a threat to the upward trend of gold prices. From a technical perspective, the golden weekly candle is under the pressure of the upper bollinger band but remains relatively strong. The daily line bottomed out and then rise due to Friday's data, and the 5-day 10-day moving averages shoes signs of strengthening.
H4 graph shows correction around 1892, and there is a chance to continue to rise. Generally speaking, gold oscillates and operates are at low levels. The deciding point for bull and bear is around 1892
Resistance：1892-1900-1912
Support : 1880-1872-1865
Crude Oil
On Monday Asian session, crude oil tested the $70 line and oil price continued to rise since last Friday. OPEC and the OPEC+ alliance insisted on the same supply policy, this followed by recovery on market demand managed to overcome people’s concern on uneven vaccination progress around the world. The US Non-Farm Payroll (NFP) on Mei showed an increase of 559,000. The US Energy Information Administration (EIA) report shoes that last week, the US crude oil inventory fell more than expected, which helps supports the price of oil to increase. From a technical point of view, the weekly candle of crude oil forms two consecutive bullish candle and has reached a new high. The daily candle forms 45 degrees increase, and the indicators shows a bullish sign. H4 graph shows a complete channel to increase, and crude oil has the support from the middle band of Bollinger band. Overall prioritise Buy on Low on fluctuation zona. The deciding point for bull and bear is at around 68.60.
Resistance：69.60-70.00-71.00
Support：68.60-67.50-66.30
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk.