Market Analysis of Gold on 22 June 2021
On Monday, gold prices rebounded more than 1%, cryptocurrencies plunged, US Treasury bond yields and the US dollar's deferral of gains boosted demand. Many US officials have expressed concerns about the economy, jobs and inflation which has a positive impact on gold. At the same time, he also stated that they are discussing to reduce the scale of debt purchase, which is not beneficial for gold. The market is mixed with bullish and bearish news, and there is no clear preference. From a technical perspective, gold's daily candle closed with a small bullish candle and stopped its drop in 1760. Looking back at the structure of the candle, 1760 is an important steppingstone looking from the previous bullish. H4 graph shows that the market is fluctuating and undergoing correction, and above 1800 remains a key point to look out for. The indicator is relatively neutral. In general, prioritize selling at high prices. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1800
Resistance：1798-1804-1825
Support：1780-1773-1760
Market Analysis of Crude Oil on Tuesday 22 June 2021
On Tuesday Asian market, crude oil continued its upwards trend, and the price of oil once again exceed $73/barrel. Iranian President-elect Leahy showed a tough stance at the first press conference after winning the election. He will not meet with US President Biden. Oil prices soared on Monday. The Iranian nuclear agreement has renewed variables, which may stimulate oil prices to continue to rise in the short term. Recently, many institutions have predicted that oil prices will exceed $100/barrel. From a technical point of view, the daily candle of oil continued to be closed bullish, breaking new highs. Looking back at H4 graph yesterday, oil formed double bottom which continued to rise to a new high. Crude oil may continue to rise, and all indicators show a bullish sign. Overall prioritise Buy on Low on fluctuation zone. The deciding point whether to buy or sell is near 72.60.
Resistance：72.00-72.80-73.50
Support：70.90-70.00-68.50
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