Gold
On Wednesday Asian market session, gold continues to be under pressure and is reported at around $1855/ounce. The three major U.S. stock indexes moved cautiously, with the S&P 500 and Nasdaq both falling from record highs. The May retail sales data released by the United States fell by 1.3%, worse than the expected decline of 0.7%; May PPI rose 6.6% year-on-year, the largest increase since the first 12-month data was calculated in November 2010. From a technical point of view, although gold shows weakening but did not manage to reach new low. However, the fact that gold forms 3 consecutive bearish candle means that gold’s trend is weak. H4 graph shows retracement, and gold continues to fluctuate at low level. Indicators shows bearish signs. Overall, market is waiting for the Fed's interest rate decision. Prioritise operation on fluctuation zone. The deciding point whether to buy or sell is near 1870.
Resistance: 1860-1870-1884
Support: 1850-1844-1835
Crude Oil
Crude oil rose by $1.32 on Tuesday, with an increase of 1.83%, and closed at $72.52 per barrel. The American Petroleum Institute announced that as of the week of June 11, US API crude oil inventories fell for the fourth consecutive week, and the decline was the largest since the beginning of this year. Russell Hardy, CEO of Vital, the world’s largest independent oil trader said that global diesel demand has now returned to its pre-crisis level, and gasoline demand will return to its pre-crisis level in the fourth quarter. Petrochemical demand has exceeded the level of 2019. From the technical point of view, crude oil weekly candle, daily candle and H4 graph all expressed bullish demand. There are signs of acceleration in the upward structure. All indicators show bullish signs. Overall prioritise Buy on low the fluctuation zone. The deciding point whether to buy or sell is near 72.20.
Resistance：73.00-73.80-74.50
Support：72.20-71.50-70.00
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