Market Analysis of Gold on Friday 2 July 2021
On Friday in the Asian Session, the US dollar index held firm and is now hovering around 92.60. Gold is under pressure and is currently trading around $1,778 per ounce. Today the US non-farm employment report will be released and the data is very important for the Fed's monetary policy. The ADP employment data announced this week and the number of initial jobless claims data were better than expected, keeping the market optimistic about the NFP non-farm report. From a technical perspective, gold's daily line continues to fluctuate at small intervals. The H4 chart shows, gold strengthened after forming a double bottom pattern, and continues to operate above the middle BOLL band, indicators tend to be neutral. Overall, prioritize operations in the fluctuation zone before data is announced. After the announcement, adjust according to the data. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1770
Resistance：1785-1790-1800
Support：1770-1764-1755
Market Analysis of Crude oil on Friday, July 2, 2021
Crude oil rose strongly on Thursday, hitting a maximum of $75.69 which is the highes point in three years. On Thursday, OPEC+ held a video conference on Thursday to consider limiting the monthly increase in production to less than 500,000 barrels per day. However, because a key member opposed the proposed agreement, the negotiation was suspended for a day. OPEC+'s production growth rate in the next few months may be slower than expected and rising global fuel demand will lead to tight supply. From the technical point of view, crude oil’s daily candle has reached a new high, and the structure shows a strong bullish trend. H4 graph shows that crude oil broke key resistance level of 74.20, the moving average forms golden cross, the MACD volume increases, and all the indicators are bullish. Overall prioritise buy on low the fluctuation zone. The deciding point whether to buy or sell is near 74.20.
Resistance：75.30-75.70-76.50
Support：74.20-73.50-72.00
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