Market Analysis of Gold on Tuesday, June 8, 2021
On Tuesday, the price of gold in Asian session continued to rise and fell after breaking through the 1900 key point. The Fed's use of reverse repurchase overnight hit a record high, breaking through US$486 billion, with an interest rate of 0%. Inflation concerns and risks have further increased, and the US dollar has also increased in risk.
Russia will adopt incentives to shift currency circulation from the US dollar to EUR. In addition, the Central Bank of Russia announced that its gold reserves rose to 139.5 billion US dollars in May, and the fundamentals are bullish for gold. From a technical perspective, the gold daily line is stable and continued to form bullish candle consecutively, and continue to be around recent high positions, which is positive for the bulls. H4 graphs shows that gold manage to stabilise at $1890, and managed to return to the upward fluctuation zone. The indicator has also gradually returned to the bullish trend. In conclusion, buy at a low price within the fluctuation zone. The short-term deciding point for bull and bear is at around 1900.
Resistance：1904-1910-1917
Support：1890-1881-1872
Market Analysis of Crude Oil on Tuesday, June 8, 2021
On Tuesday Asia session, crude oil hovered around 68.50. Oil prices fell after hitting a two-year high on Monday. This is because the market expects demand to improve, and OPEC oil-producing countries continue to restrict supply. The OPEC Secretary-General said on Monday that the April Economic Cooperation Agreement Organization (OECD) oil inventories fell by 6.9 million barrels and are expected to fall further in the next few months; the implementation rate of OPEC + production cuts in April was 114%. However, China's May crude oil import data showed that crude oil imports fell to a one-year low. From a technical point of view, the crude oil daily candle was bearish for the first time after five consecutive bullish candle, and the market stopped taking profit at the important mark of 70.00. H4 graph shows that crude oil weaken and break through the upward channel, the indicators shows a risk of correction. Overall prioritise Sell on high on the fluctuation zone. The deciding point whether to buy or sell is near 68.80.
Resistance：68.80-69.40-70.00
Support：67.80-67.00-66.30
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk