Market Analysis of Gold on Monday, 28th June 2021
On Monday Asian market, gold continued to fluctuate around $1,779 per ounce. Last week's personal spending and Michigan confidence index were lower than expected, but the core PCE price index still hit its highest level since April 1992. The dollar rebounded and global currencies have depreciated. This is enough to prove the status of the dollar. The current US inflation is relatively serious. The Fed is relatively dovish in this regard, focusing on employment. From a technical point of view, the daily candle of gold forms doji candle and lose its direction. H4 graph shows consolidation, and the BOLL continued to shrink while other indicators are relatively passive. The market is waiting for NFP data. Overall prioritise Sell on fluctuation zone. The deciding point for bull and bear is at around 1770.
Resistance: 1785-1795-1804
Support: 1770-1763-1750
Market Analysis of Crude Oil on Monday, 28th June 2021
On Monday Asian market, crude oil rose slightly and fell back, currently hovering around 73.60. Oil prices have climbed to the highest level since October 2018. As demand growth is expected to exceed supply, and OPEC+ composed of the organization of Petroleum Exporting Countries and its allies will prudently provide more crude oil to the market from August. Iranian hardliners came to power and there is not much progress in nuclear negotiations. However, the spread of mutant viruses may limit the increase in oil prices. From the technical point of view, crude oil has been bullish for five consecutive weeks, and the daily trend line went up. There is currently no sign of a correction. The trend slowed down in H4 graph, but the market's continuous new highs are a positive signal, and the indicators are relatively bullish. Overall prioritise Buy on low on the fluctuation zone. The deciding point whether to buy or sell is near 73.00.
Resistance：74.20-75.00-76.00
Support：73.00-72.60-72.10
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