Market Analysis of Gold on 23 Juli 2021
On Thursday, gold prices rose slightly. On Friday, gold held steady above 1800, as the US Treasury bond yield fell 2 basis points to 1.263%. This offset the impact of the strengthening US dollar and partially restored gold's appeal as a safe-haven asset. The US Department of Labor announced on Thursday that until July 17, the number of initial claims for unemployment benefits was 419,000, which was the highest level since May 15, and significantly higher than the Dow Jones forecast of 350,000. From a technical point of view, the daily gold candle closed with dragonfly doji. The market continues to fluctuate short term and there is no clear direction. The indicator is relatively neutral. H4 graph showed that gold is in a bearish trend and formed bearish engulfing. Overall, prioritize operation within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1792
Resistance：1808-1814-1825
Support：1800-1792-1782
Market Analysis of Oil on Friday 23 July 2021
Crude oil continued to strengthen on Thursday, rising more than 2% and closed at $71.53/barel. As the economy recovers from the corona virus, the world's largest oil-consuming countries have seen significant growth, and gasoline demand has basically returned to normal. The market expects that the tight supply of crude oil will last until the end of 2021 at most. According to news, Iran has officially opened a new oil pipeline, which can bypass the Strait of Hormuz to export oil by land. From a technical point of view, crude oil’s daily candle still has room to continue to increase. Focus on the key resistance point at around 72.50. If oil manage to break through this point, then it will continue to increase. H4 graph shows that the upper Bollinger band is pointing upwards which is a bullish sign. However, MACD remains at around the 0 level. Overall prioritise operation on the fluctuation zone. The graph below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 72.50.
Resistance：71.80-72.50-74.00
Support：70.50-69.70-68.90
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