Market Analysis of Gold on Friday July 9 2021
On Thursday, the price of gold in the US market fell sharply from a high of $1818.50 to a low of $1,794. On the one hand, US stocks have suffered double losses. The increase in market risk aversion has benefited gold. On the other hand, inflation expectations continue to subside, worrying bulls. In the United States, the number of initial jobless claims unexpectedly increased last week, contrary to market expectations of a more hawkish Fed stance. Technically, after gold's daily line closed bullish for 6 days in a row, the daily line closed with a doji candle at high position, and the is an upward pressure hindering the increase in price. The H4 graph shows tendency to be bullish at around 1795-1815, the lows and highs are all moving up, and are currently above the middle band of the BOLL. The indicators are relatively bullish. Overall prioritize Buy at low prices within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1795.
Resistance：1810-1815-1820
Support：1802-1795-1785
Market Analysis of Crude Oil on Friday, July 9 2021
Before Thursday, the uncertainty caused by OPEC+ deadlock and concerns about the rapid spread of the new variant of the Covid virus put pressure on the market. After the release of EIA data on Thursday, U.S. crude oil inventories fell by 6.866 million barrels to 445.5 million barrels, the lowest since February; fuel demand indicators jumped to 10.891 million barrels per day, a new high record since 1990. The U.S. Gulf of Mexico crude oil depot, the Cushing crude oil depot in Oklahoma, and the Midwestern U.S. crude oil inventories all dropped significantly.
From a technical point of view, the daily candle fell and then closed with a bullish candle. H4 graph shows that the download structure eased and formed a short-term V trend. The indicators show mixed results, MA forms Golden Cross while the MACD indicator volume shows bearish signal. Overall, prioritise Buy on the fluctuation zone. The deciding point whether to buy or sell is near 72.70
Resistance：72.70-73.30-74.30
Support：71.50-70.80-70.00
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