Market Analysis of Gold on Wednesday 7 July 2021
On Wednesday's Asian session, gold remained bullish. On Tuesday, the United States released the ISM non-manufacturing PMI data for June which showed that the performance significantly declined and was lower than expected causing gold prices to continue to rise. As the US economy recovers and gradually shifts from consumption of goods to consumption of services, rising prices for services have been the main cause of rising inflation in the United States. Today the market will receive the meeting minutes of The Fed in June, which is expected to trigger severe market volatility.
From a technical perspective, gold's daily candle closed bullish with a long upper shadow which means the market remains strong but the upward pressure is also strong. The H4 graph shows an upwards channel that remains unchanged. Gold continues to operate above the middle Bollinger bands. Indicators are showing signs of pressure, but the overall trend remains strong. Overall prioritise Buy on low prices within the fluctuation zone. Consider the support and resistance zones. The deciding point whether to buy or sell is near 1790
Resistance：1808-1815-1822
Support：1795-1790-1782
Market Analysis of Crude Oil on Wednesday 7 July 2021
In the Asian session on Wednesday, US crude oil fluctuates around 73.70. On Tuesday oil prices hit the biggest drop since the end of May as the strengthening of dollar stimulated widespread selling in the entire commodity market. The uncertainty surrounding OPEC's next move is also increasing. The previous fierce struggle between Saudi Arabia and the UAE prevented the increase in the supply of crude oil and the price rose to the highest level in more than six years. Pay attention to US API crude oil inventories and EIA's monthly short-term energy report. From a technical point of view, short-term crude oil data dominates the trend. The daily candle was closed by medium sized bearish candle. The market undergoes strong correction, and H4 graph shows a downward gap around 72-74 which was the previous deciding point for bull and bear. The indicators are bearish in the short term and remain bullish in the long term. Overall, prioritise operation on fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 72.00.
Resistance : 73.30 – 74.00 – 75.00
Support : 72.00 – 71.40 – 70.30
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