Market Analysis of Gold on Wednesday 09 June 2021
Gold price fell slightly on Tuesday and is currently at $1,894. The World Bank released the "Global Economic Outlook" report, raising the forecast for global economic growth in 2021 from the previous estimate of 4% to 5.6%.
This is the strongest growth rate since the recession in 1980, and this news seems to have triggered the weakening of gold price
The US Internal Revenue Service asked Congress to authorize access to the data in cryptocurrency market and this in turn cause a drop in the price of cryptocurrency. Bitcoin fell back to 31,000 and risk aversion sentiment strengthened, which had a bullish impact on gold prices.
From a technical perspective, the gold daily line continues to fluctuate at a high level. The news of inflation becomes support for the price of gold
In the H4 graph, gold price fell to around 1904-1883, and the indicator was neutral. Overall prioritise operation on the fluctuation zone and The deciding point whether to buy or sell is near 1900.
Resistance：1899-1904-1912
Support：1888-1883-1872
Market Analysis of Oil on Wednesday 09 June 2021
On Wednesday Asian market, the price of oil fluctuates around $70.40 because US said that even if the Iranian nuclear agreement “Join Comprehensive Action Plan” has restarted, hundreds of sanctions against Iran will remain unchanged, including sanctions imposed by the Trump administration. This may mean that Iranian oil supplies will not return to the market anytime soon. The news stimulated oil prices to rise to a new high since November 2018. API report shows that crude oil inventory decreased by 2.1 million barrels and gasoline inventory increased by 2.4 million barrels that week. From a technical point of view, the daily candle continues to strengthen and bullish sentiment is still strong. H4 graph shows that oil managed to stabilise at $70 which is a historic point, and indicator continue to show bullish sign. Overall prioritise Buy on Low on fluctuation zone. The short-term deciding point for bull and bear is at around 70.00.
Resistance：70.80-71.70.72.60
Support：69.80-69.00-68.30
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk.