Market Analysis of Gold on Monday, 14 June 2021
Last week, Gold closed bearish on Friday and the trend continued until Monday. The opening price was at $1,877.63 per ounce and the lowest was at $1863.20 per ounce. The initial value of the US June Michigan Consumer Confidence Index released by University of Michigan on Friday was 86.4, which was higher than market expectation of 84. According to the CPI data on Thursday, the domestic inflation level in the United States is very serious. United States has injected 6 trillion into the market and this money flows to the U.S. stock market and consumer market. The relative inflation is getting worse. From a technical point of view, short term bearish sentiment on Friday strengthened. H4 graph shows that 1860-1850 will become a key support level, and indicators are all bearish. Overall prioritise Sell on high on the fluctuation zone and the deciding point whether to buy or sell is near 1860.
Resistance：1870-1876-1884
Support：1860-1850-1835
Market Analysis of Crude Oil on Monday, 14 June 2021
Crude oil rose slightly in the Asian market on Monday. Oil prices hit a multi-year high of US$70.96/barrel on last Friday and rose for the third consecutive week. As the vaccination rate increased, the authorities gradually lifted pandemic restrictions which improved the global demand of oil. Oil-producing countries, including the Organization of the Petroleum Exporting Countries (OPEC), have restricted supply, and the slow progress of the US-Iran negotiations on the resumption of the nuclear agreement has further pushed up oil prices. From a technical point of view, weekly oil prices closed bullish for 3 consecutive weeks. The candle shows a bullish pattern. The 5 and 10 days moving average shows bullish divergence. H4 graph shows that crude oil continue to fluctuate upwards. Overall prioritise Buy on low on the fluctuation zone. The deciding point whether to buy or sell is near 70.50.
Resistance：71.80-72.50-73.50
Support：70.50-69.80-68.60
Disclamer: The report is speculatif and DO NOT guarantee profit. Not financial advice. Please trade at your own risk.