Market Analysis of Gold on Monday 12 July 2021
On Monday Asian session, gold held steady around 1805. Gold prices continued to rise slightly last Friday, mainly supported by risk aversion due to epidemic spread. In addition, news of China's RRR cuts and the fall of the US dollar also had a good impact on gold prices. However, the overall surge in US stocks has limited the upward trend in gold prices, and the market is also worried by the upcoming Fed cut policy announcement. For the week, focus on key data such as the CPI in the US in June, China's second quarter GDP, and the central bank's interest rate decision. From a technical perspective, the short-term performance of the daily gold candle shows a slow strengthening, and the 1810-1825 interval becomes the main support level. The 4 hours chart shows gold's daily candle fluctuates within the interval and indicators are neutral but slightly bullish. Overall, prioritize operation within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1810
Resistance：1810-1818-1825
Support：1798-1794-1988
Market Analysis of Crude Oil on Monday, July 12, 2021
On Monday Asian Market, crude oil fluctuates around 73.88, and oil prices rebounded following the rebound of the financial market last Friday. Crude oil recorded its biggest gain in a week on Friday, with a decline of 0.8% in a week, given that OPEC+ production increase meeting stalled, also the market concerns about the spread of the new variant of Covid virus which are Delta and Lambda, and the strengthening of the U.S. dollar that has suppressed crude oil prices.
From a technical point of view, weekly candle shows the formation of bearish candle after six consecutive bullish candles and shows a doji star pattern. The daily candle fluctuates, and MA line forms the Death Cross. H4 shows that crude oil was in the process of a V-shaped rebound, and there was pressure at $74.30 US, The indicator are relatively bullish. Overall, prioritise Buy on the fluctuation zone. The deciding point whether to buy or sell is near 74.30.
Resistance：74.30-75.00-76.40
Support：73.30-72.50-71.70
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