Market Analysis of Gold on Tuesday 29 June 2021
On Tuesday during the Asian session, gold dropped slightly, and was traded at around 1775. Gold prices fell slightly on Monday, as investors worried that infections of the highly contagious mutant delta strain would spike, but also expected the Fed to raise interest rates early. The Fed's stance on inflation has caused the gold market to lose its way. In addition, re-infection of the epidemic in the UK has also added to several concerns in the market. From a technical perspective, the daily candle of gold closed bearish, with a small body and tends to be bearish. The opening of Bollinger Bands on the H4 chart is gradually narrowing, which is a sign that the market is about to break through. Overall the indicators tend to be bearish. Below 1770-1760 will be the key support position. If gold broke through that position, then it will drop down quickly. In general, prioritize Sell position within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1770
Resistance：1780-1788-1800
Support：1770-1760-1750
Market Analysis of Crude Oil on Tuesday 29 June 2021
On Tuesday Asian market crude oil hovered at 72.87. Oil prices fell on Monday after hitting 74.15, the highest since October 2018, the largest drop in a week. The delta mutant strain poses a threat to the rebound in crude oil demand, the market expects OPEC+ to decide to increase production was made at the meeting, and the surge in coronavirus case cases in Asia and Europe suppressed the upward momentum of oil prices. From a technical point of view, the daily candle of crude oil is bearish and broke through the 5 days and 10 days support. RSI shows signs of correction, but the upward trend remains. Looking at H4 graph, 72.50-72.00 is the key support level, if the support level is broken, then there is a risk that crude oil will continue to drop. Overall prioritise operation on fluctuation zone, if there is a downwards breakthrough then prioritise Sell. The deciding point whether to buy or sell is near 72.00.
Resistance：72.80-73.60-74.20
Support：72.00-71.10-70.00
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