GOLD
On Tuesday, gold strengthened and then weakened, testing the highest point around 1790. The U.S. consumer price index rose 5% in May from the same period last year, the biggest increase in 13 years. Fed Chairman Powell admitted to Congress for the first time that the inflation rate exceeded expectations, but he was not prepared to raise interest rates immediately. This sentence is still vague and unclear. The first half is good for gold and the second half is bad for gold. From a technical point of view, the daily candle of the gold price closed bearish, and the bull and bear was relatively balanced. H4 graph shows that the opening of the Bollinger band shrunk, the interval of fluctuation is shrinking, the highest point of the gold price rebound is decreasing, and the indicator remains weak. Overall prioritise Sell on high on the fluctuation zone. The deciding point whether to buy or sell is near 1790.
Resistance：1790-1797-1804
Support：1774-1768-1760
CRUDE OIL
Crude oil closed by an increase of US$0.11 on Tuesday at US$72.95/barrel. It rose to US$73.28/barrel during the session, the highest since April 25, 2019. The data collected by the American Petroleum Institute (API) dropped far more than expected. The decline of 7.199 million barrels was the largest in the recent past, reflecting the continued growth of the capacity utilization rate of major U.S. oil companies. On the demand side, the increase in gasoline and refined oil inventories was not as high as the previous value. All these data show that the demand side is in a positive state. From a technical point of view, the daily upward movement of crude oil has slowed down. H4 graph shoes that the market is sideways at around 73.00. The indicator still maintains an upward trend, and the probability of an upward reversal within the day increases. Overall the market is expected to drop by a little before rising again. The deciding point whether to buy or sell is near 73.00.
Resistance：73.30-74.00-75.00
Support：72.60-72.00-71.20
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