Market Analysis of Gold on Thursday 15 July 2021
In Thursday's Asian session, spot gold was basically stable, and is currently traded at US$1,827 per ounce. Fed Chairman Powell made a dovish statement on Wednesday, which was bad for the US dollar and pushed gold prices to soar. Fed Chair Powell said that inflation could continue to remain high in the months ahead, but that it would gradually dissipate. This in turn will force investors to lower their expectations that the Federal Reserve will tighten monetary policy sooner than expected.
From a technical perspective, gold's daily candle closed bullish and broke the previous highest point 1818. Market is bullish. On the 4 hours chart, it can be seen that gold broke through the previous fluctuation zone zone, the chances of the market continuing to strengthen are quite high. The indicators also show bullish signs. Overall, 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 1818.
Resistance：1830-1837-1845
Support：1818-1810-1800
Market Analysis of Crude Oil on Thursday, July 15, 2021
On Wednesday, the crude oil price dropped due to the effect from the news, reaching the lowest price 71.74 USD. On the early market of Thursday, crude oil continued its weak trends and tested $71.52. EIA crude oil inventories showed that it fell by 7.896 million barrels to 437.6 million barrels, a 1.8% decrease, which is the highest weekly decrease since January 31, 2020. A representative of OPEC+ stated that the UAE has resolved the deadlock with OPEC+ and reached an agreement that will set a new oil production quota.
From technical point of view, the daily candles were closed by bearish and broke the MA5 and MA10, the RSI indicator shows bearish signs. H4 graph shows a downward gap, quickly breaking through the 72.50 key support and the indicators showed bearish signs. Overall, prioritise Sell on the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 72.50.
Resistance：72.50-73.30-74.20
Support：71.50-70.80-70.00
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice