Market Analysis of Gold on Tuesday, 15 June 2021
In the Asian session on Tuesday, gold fluctuated in a narrow range around $1,860. On Monday, gold fluctuates and weakened. It once dived by about US$30, hitting a four-week low of US$1,844.68 per ounce. The focus this week will be about the Fed’s interest rate decision, and the market’s expectations that the Fed may send a hawkish signal increase. Although no major changes in US monetary policy are expected, the focus will be on the Fed’s outlook for inflation and when it will begin to tighten the monetary policy which is currently very loose. Looking from a technical perspective, the daily candle is under more pressure and it continue to weaken. The MA has fallen weakened and forms a Death Cross. The relative strength indicator RSI has fallen from a high level. Prioritise Sell on high on fluctuation zone. The deciding point whether to buy or sell is near 1860.
Resistance：1870-1876-1884
Support：1855-1844-1835
Market Analysis of Crude Oil on Tuesday, 15 June 2021
During the Asian session on Tuesday, U.S. crude oil hovered at $71.02 per barrel. Oil prices closed at $71.78 on Monday and hit a two-year high in the early market. The increase in U.S. crude oil production and the delayed restart in the United Kingdom reduced demand for fuel growth and supply trends. The short-term expectation remains bullish because OPEC stated in its monthly report that it is mainly driven by strong consumption in China and the United States, especially in the second half of 2021 due to economic growth and the reopening of borders. Global oil demands this year is expected to increase by 6 million barrels/day from its 2020 low. From a technical point of view, the H4 graph shows an upward trend. The pattern and indicators both show a very clear direction. Overall, prioritise Buy on Low on 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.
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