Market Analysis of Gold on Wednesday 14 July 2021
In Wednesday's Asian session, the US dollar index remains strong, trading around 92.75, and gold is rebounding slightly, currently hovering near US$1810. According to US data on Tuesday, the Consumer Price Index (CPI) in June rose 5.4% yearly, higher than the expected 5%, the largest increase in August 2008. US CPI in June hit a new high since September 1991, while the 10-year US Treasury rose 4.6 basis points to 1.412%, both of which pushed the price of gold down.
From a technical perspective, gold’s daily candle closed with a doji pattern after a broad fluctuations, and the US dollar surged higher but failed to pressure gold. H4 graph showerd that market stayed bullish and maintain the rectangle correction above the middle Bollinger band. 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 1804
Resistance：1815-1820-1830
Support：1804-1798-1790
Market Analysis of Crude Oil on Wednesday 14 July 2021
On Wednesday Asia Session, crude oil fluctuates around 74.40. Oil price rose nearly 1.6% on Tuesday as the market expected Iran and other major oil-producing countries to export large amounts of crude oil soon. The International Energy Agency (IEA) also stated that as major oil-producing countries are in disagreements over the amount of additional crude oil supplied globally, and the market supply should tighten in the short term. The API report shows that as of the week of July 9th, crude oil inventories in the United States decreased by 4.079 million barrels, and oil prices slightly fluctuated.
From technical point of view, daily candles closed bullish, and bullish sentiment dominates the market. H4 graph still shows the upward channel, MA forms Golden Cross, MACD is heading to level 0, and shows a bullish signal. Overall, prioritise Buy on the fluctuation zone. The deciding point whether to buy or sell is near 74.30.
Resistance：75.00-75.70-76.40
Support：74.30-73.60-72.50
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