Market Analysis of Gold on Thursday 1 July 2021
Gold prices had a decisive rebound to US$1,774.40 on Wednesday, after gold falling to its lowest level since mid-April at US$1,750. The monthly ADP data released on Wednesday showed that the number of private sector jobs in the United States increased by 692,000 people in June. The data was more than the market expectation of 600,000, which shook the US dollar market before the non-farm payroll report is released on Friday. From a technical perspective, the market is closed bullish after gold hits its lowest point. The 5 days moving average is stable and relatively neutral, and the market loses its direction. H4 graph shows the formation of double bottom, the BOLL shows signs of narrowing, and the RSI indicator is above the 50 DAS. Overall, prioritize operation within the fluctuation zone. Consider the support and resistance zones, the deciding point whether to buy or sell is near 1770
Resistance：1780-1788-1795
Support：1766-1760-1750
Market Analysis of Crude oil on Thursday, July 1, 2021
On Wednesday, crude oil rose and fell and is currently traded at around $73.46/barrel. In the first half of 2021, the cumulative increase reached 51.66%, the largest half year increase since 2009. The US Energy Information Administration reported that crude oil inventories fell by 6.718 million barrels to 452.3 million barrels last week, a decrease of 1.5%, and continued to fall to the low point before the pandemi. Two OPEC+ sources mentioned that OPEC+ may discuss the extension of the current oil production agreement on Thursday, beyond the original deadline in April 2022. From the technical point of view, crude oil closes at a doji pattern on high position and the fight between bull and bear is intense. The daily graph shows correction around 72-74. The technical indicators are relatively bullish. Overall prioritise operation on the fluctuation zone. The deciding point whether to buy or sell is near 73.00.
Resistance：73.80-74.20-75.00
Support：72.50-72.00-71.50
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