Market Analysis of Gold on Thursday, 10 June 2021
In Thursday Asian session, Gold continued to weaken, and gold is now at around US$1887/ounce. News about global inflation is still leading the market. The bipartisan group of the US House of Representatives announced an 8-year infrastructure plan with a budget of 1.25 trillion US dollars. Yesterday, G7 had a foreboding of the plan up to December 2022 about the Covid-19 pandemic. The G7 will ensure the long-term public finances, and at the same time will promise to purchase an additional 1 billion doses of newly launched vaccines. This information has a negative impact on gold. From a technical perspective, the gold daily line continues to fluctuate at a high level and the market lacks direction. The H4 graph shows Bollinger bands are narrowing, and indicators are passive waiting for the announcement of important data. Overall, prioritise operation at a fluctuation zone. The focus is on European interest rates and U.S. CPI. The deciding point whether to buy or sell is near 1881.
Resistance：1892-1900-1910
Support：1881-1875-1860
Market Analysis of Crude Oil on Thursday, 10 June 2021
Crude oil closed with a drop of $0.09 or 0.4% on Wednesday at the price of $69.61/barel. Crude oil rose to $70.47 that day, which is the highest level since 17th October 2018. The EIA report shoes that as of 4th June, the weekly gasoline inventory of US increased by 7.046 million barrels, which is the highest increase since April 2020, and the inventory of refined oil increased by 4.412 million barrels. This overshadowed the prospect of a strong rebound in demand during the summer driving season. From a technical point of view, crude oil faces resistance at $70, which is the deciding point for bull and bear. H4 graph shows that the upward channel is complete. MA shows the formation of Death cross, while MACD remains strong. Overall prioritise Buy on Low position on the fluctuation zone. The short-term deciding point for bull and bear is at around 70.00.
Resistance：69.60-70.00-70.50
Support：68.60-68.00-67.40
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk.