Market Analysis of Gold on Wednesday 28 July 2021
On Wednesday's Asian session, the US Index was basically stable, and gold surged high in the short term, hitting above the $1,800/ounce mark. Yesterday, the US Manufacturing Index in July recorded 27, the new highest since October last year. The US Consultative Council's Consumer Confidence Index in July recorded 129.1, which was a new high since February last year. Today, the focus is on the Fed's monetary policy decision, which is expected to fuel market sentiment.
From a technical perspective, gold continues to close with a Doji pattern within the fluctuation zone, indicating that the market is losing its way. The indicator is relatively neutral. The 4-hour chart shows Gold is in the stage of forming the right shoulder of the head and shoulder pattern. Below 1790 and above 1834 being the key points. Overall, prioritize operation within the fluctuation zone in the morning while waiting for guidance from market news in the evening. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1790
Resistance：1810-1818-1834
Support：1800-1790-1775
Market Analysis of Crude Oil on Wednesday 28 July 2021
On Tuesday crude oil closed bearish. The API announced on Wednesday morning showed that as of the week of July 23, US gasoline inventories fell by 6.226 million barrels, refined oil fell by 1.882 million barrels, and crude oil inventories fell by 4.728 million barrels. Although the United States has strong demand for crude oil and refined oil recently, currently oil prices strongly affected by market sentiment, and the oil market is more sensitive to the development of the epidemic, especially when the epidemic worsens.
From technical perspective, the daily candles closed bearish, MACD moved above the 0 axis, and is under consolidation. The MA has been converging for a few weeks. H4 graph shows that the market is sideways as there are many bullish and bearish factors. The indicators are relatively neutral. Overall, priorities the operation within the fluctuation zone. If there is break through, traders can open more order. 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：72.50-74.00-75.00
Support：71.20-70.30-69.60
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