Market Analysis of Gold on Thursday 29 July 2021
On Wednesday, Gold closed at $1806.82, up $7.9. Fed interestrates remained unchanged. Gold fell to a low of $1,792.44, then rebounded sharply by $17, and hit a daily high of $1809.83. The Federal Reserve's statement shows that the economy is currently highly dependent on the pandemic. Advances in vaccination could reduce the impact of the public health crisis on the economy, but the economic outlook remains at risk. The Federal Reserve is committed to using all means to support the US economy.
From a technical perspective, gold's daily candle bottomed and closed bullish. The market is dominated by bullish sentiment. The 4 hours chart shows that gold is slowly strengthening and breaking the short term resistance level of 1811. All indicators showing bullish signals. 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 1811
Resistance：1820-1825-1834
Support：1811-1800-1790
Market Analysis of Crude Oil on Thursday 29 July 2021
On Wednesday crude oil rebounded, rose by 0.47 cents and closed at 72.13 US dollars per barrel. The U.S. Energy Information Administration (EIA) report shows that as of the week of July 23, commercial crude oil inventories excluding strategic reserves decreased by 4.089 million barrels to 435.6 million barrels, gasoline inventories decreased by 2,253 million barrels, and refined oil inventories decreased by 3.08 million barrels. The decline in US crude, gasoline and refined oil inventories indicates strong demand during the summer travel season.
From technical perspective, daily candles closed bullish, but it is still under pressure at around 72.50. H4 graph show that crude oil forms bullish candles, MA forms Golden Cross, RSI indicator continues to turn upwards. Overall, prioritise Buy on lower position within 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：72.50-73.50-75.00
Support：72.00-71.30-70.30
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