Market Analysis of Gold on Friday 18 June 2021
On Thursday US session, the price of gold and silver fell sharply to their lowest in five weeks, and set the record for their highest one-day decline in a long time. Since Fed Chair Powell announced this week's Federal Open Market Committee (FOMC) meeting as a "discussion" meeting, gold prices have fallen more than 5.2%. The meeting was considered hawkish towards US monetary policy, and the precious metals market reacted very pessimistically. This pushed the US dollar index to its highest level in two months, further suppressing the bulls in the metals market. From a technical perspective, gold's daily line has been bullish for 5 days in a row, the moving averages formed Death Cross, and indicators are relatively bearishH4 graph shows retracement and all indicators are bearish. Overall, prioritise sell at high prices within the fluctuation zone. The deciding point whether to buy or sell is near 1800.
Resistance：1790-1800-1810
Support：1778-1766-1755
Market Analysis of Crude oil on Friday, June 18, 2021
On Friday Asian session, crude oil fell slightly, trading at around 70.50. Oil prices fell for the second day in a row on Thursday, as USD strengthened, and pandemic condition is getting worse in England. However, the deadlock in Iran's nuclear negotiations limits the decline of oil prices. Despite short-term obstacles in oil prices, India's fuel demand jumped 13% in the first two weeks of June. OPEC Secretary-General urged member states to continue oil investment. Overall, the trend of crude oil is still strong. From a technical point of view, the daily candle gives two clear top signals, and H4 has formed a breakthrough, showing adjustment demand in both indicators and forms. Crude oil is facing a long- term fight between bulls and bears. The trend of the daily and weekly candle depends on the depth and intensity of this wave of adjustments. Overall prioritise operation on the fluctuation zone. The deciding point whether to buy or sell is near 70.50.
Resistance：70.50-71.20-72.70
Support：69.50-68.50-67.50
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