Gold
On Wednesday Asian market, the price of gold fluctuated in a small interval and is currently trading at around $1775. The PMI of Markit manufacturing and services industry announced by the United States yesterday showed mixed performance, and the new home sales performance fell short of expectations. After the announcement of the data, US Index dropped quickly to a new low of 91.52. causing the price of gold to quickly rise above the 1790 mark. On Tuesday, Powell reiterated his “temporary theory” of inflation, saying that inflation would not be the only factor in determining interest rates, which reassured investors concerns about policy tightening after the Fed turned hawkish. From a technical perspective, gold formed a doji pattern and the market lose its directions. In the H4 chart shows correction and the indicators are relatively neutral. In general, prioritise within the fluctuation zone. Consider the support zone and resistance zone. The deciding point whether to buy or sell is near 1760.
Resistance：1782-1795-1804
Support：1768-1760-1750
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Crude Oil
Crude oil rose by $0.19 on Wednesday and closed at $73.10/barrel. The EIA report showed that US crude oil inventories fell by 7.6 million barrels last week to 459.1 million barrels, a drop much higher than the market’s estimate of 3.9 million barrels. Crude oil inventories at the largest storage center in the United States (Cushing, Oklahoma) fell by 1.8 million barrels to their lowest level since March 2020. The stagnation of Iran’s nuclear talks also delayed the country’s prospects for resuming supplies, thus supporting benchmark crude oil prices. From a technical point of view, the daily candle is closed with doji pattern for 2 consecutive days, and the momentum to rise is relatively weak. RSI has a certain oversold indication. H4 graph shows sideways condition followed by a rise, however the indicator suggest that there might be a possibility of a drop. Overall prioritise operation on the fluctuation zone. The deciding point whether to buy or sell is near 72.30.
Resistance：73.70-74.10-75.00
Support：72.30-71.50-70.60
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice.