Market Analysis of Gold on Wednesday 30 June 2021
Gold fell under pressure on Tuesday and stopped falling at the 1750 line. According to data released by China, the annual rate of the housing price index in 20 major cities in April was 14.88%, the new highest since November 2005, and the monthly rate of the index FHFA house prices in the United States recorded 1.8% in April, a new high since 1991. The US Chamber of Commerce's June Consumer Confidence Index recorded 127.3, the new highest since February last year. Optimistic market sentiment helped the strengthening of the US dollar. Employment and inflation are the two main factors for Fed officials to reduce debt purchases and raise interest rates.
From a technical perspective, the gold daily candle closed bearish and broke its recent major support level in 1760. H4 graph shows a rectangle pattern that was broken through and the bearish sentiment is strong. The indicators also show a strong bearish sentiment. Overall, prioritize Sell on fluctuation zone. The deciding point whether to buy or sell is near 1750
Resistance：1770-1778-1790
Support：1755-1750-1744
Market Analysis of Crude oil on Wednesday, June 30, 2021
At the end of the market on Tuesday, crude oil rose back to $73. The data released by API showed that as of the week of June 25, US crude oil inventories plummeted by 8.2 million barrels, far exceeding the expected 4.46 million barrels, which boosted oil prices. OPEC Secretary General Barkindo said on Tuesday that the variant of the new Covid- 19 virus may pose a risk to the oil market. The current OECD crude oil inventories are below the average level from 2015 to 2019. OPEC expects that oil demand in the second half of 2021 will increase by 5 million barrels per day. From a technical point of view, the daily candle continues to rise, H4 graph shows that the Bollinger Band is parallel and fluctuates in a range. Oil prices are above the middle Bollinger band, from the current pattern, it seems like crude oil will continue to test new highs. Overall prioritise operation on the fluctuation zone. The deciding point whether to buy or sell is near 72.50
Resistance：73.60-74.20-75.00
Support：72.50-71.70-77.00
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