Market Analysis of Gold on Tuesday 6 July 2021
In Tuesday's Asian session, gold continued its rise from the previous day and is now trading around US$1,795 per ounce. The U.S. Market closed on Monday due to the Independence Day holiday therefore the market is not very active. The market is still digesting the US non-farm employment report released last week and awaits this week's Fed meeting. The weakening of the US dollar, falling of US Treasury yields and mixed employment data in the US eased investors' concerns about accelerating policy tightening and helped gold prices strengthen towards $1,800. From a technical perspective, gold closed bullish for the 4th day in a row, gold test previous highs and market sentiment is strong. The H4 graph shows that gold continued to rise steadily after the rebound from 1750. The indicators seem to support the bullish trend as well. Overall, prioritise buy on low within the fluctuation zone. Consider the support and resistance zones, the deciding point whether to buy or sell is near 1800
Resistance：1780-1809-1822
Support：1795-1789-1782
Markey Analysis of Crude Oil on Tuesday 6 July 2021
On Tuesday Asian session, crude oil keeps rising to its highest point since 2018 and currently it fluctuates at $76.15 / barrel because of the news. After several days of intense negotiation, Saudi Arabia and Uni Arab Emirates were still unable to solve the conflict, putting the entire alliance into a crisis that has also caused the oil market facing the tight supply and rising prices problems. From a technical point of view, the daily and weekly candle shows an upwards trend, and the upwards structure is very stable. H4 graph shows a slow bullish trend, and the big bullish candle is relatively less. MA indicator forms Golden Cross, MACD shows an increase in volume, and RSI is at around 80, indicating a strong bullish signal. Overall prioritise Buy on low on fluctuation zone. The deciding point whether to buy or sell is near 75.70.
Resistance: 76.60-77.30-78.00
Support：75.70-75.00-74.10
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