Market Analysis of Gold on Monday 5 July 2021
On Monday's Asian session, gold weakened slightly and is now around US$1,788 per ounce. From the long-term perspective of non-farm data, economic and employment in the United States is increasing, which means US might increase interest rates faster than expected. But the rising unemployment rate has pushed up gold prices. From a global perspective, as the vaccination rate in middle and developed countries increases, the vaccine will be sent to small or medium-sized countries. Vaccines can also prevent mutant viruses very well, which has a bad impact on gold. From a technical perspective, the gold weekly candle closed continuously bullish. The daily candle rebounded, but it is clear that there is pressure at around 1795-1800. In the 4 hours chart, the gold’s candle broke the BOLL's mid-band, and there is a chance to test at a higher point. If there is a breakthrough, then consider opening a buy position. The indicator is relatively bullish. Overall, prioritize operations with the expectation that gold will strengthen first and then weaken. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1800
Resistance：1795-1800-1810
Support：1779-1770-1763
Market Analysis of Crude Oil on Monday 5 July 2021
On Monday Asian session, crude oil fluctuated slightly at around $74.60 per barrel. On Monday, OPEC+ will continue to hold video conferences to discuss policies for increasing crude oil production. The UAE said over the weekend that it supports an increase in production by 400,000 barrels per day starting in August but rejected the proposal to extend the OPEC + production reduction agreement to the end of 2022. Saudi Arabia and Russia insisted on extending the OPEC+ agreement to the end of 2022. According to the plan, from August to December 2021, it will increase by 400,000 barrels per day to meet global demand. From a technical point of view, the weekly candle of crude oil formed 6 consecutive bullish candle, and the upward trend is obvious. H4 graph shows that crude oil is stable, and the opening of BOLL widened. There is also the formation of a ladder pattern. Overall prioritise Buy on Low on fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 74.00
Resistance：75.10-75.70-76.50
Support：74.00-73.50-72.00
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