Markey Analysis of Gold on Friday 30 July 2021
On Thursday, the US Dollar experienced a massive sell-off and fell below 92, resulting in the strengthening of gold. Gold continued to advance on Friday, breaking the $1,830 mark. The risk sentiment in global markets strengthened. Investors continued to digest the Fed's earlier dovish stance, as the Fed did not issue a signal to reduce debt buying and Powell warned that employment and inflation had not made "substantial progress". In addition, the US GDP in the second quarter was much lower than expected, and there are signs that the economy is peaking. The US dollar is under pressure.
From a technical perspective, gold's daily candle broke through the resistance level of 1825 and tested the high of 1834. The moving averages formed the Golden Cross. The 4 hours chart shows gold broke through the previous downward channel and formed a double top pattern. The indicator seems to be showing a bullish signal. 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 1834
Resistance：1834-1844-1850
Support：1825-1814-1806
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Market Analysis of Crude Oil on Friday 30 July 2021
Crude oil continued its previous upward trend on Thursday, closing at $73.11 per barrel. US supply hit its lowest level since January 2020. In the second quarter, US GDP grew at a slower-than-expected rate, and household spending increased the most in decades, highlighting the demand for oil and other commodities. The U.S. S&P and Dow Jones Indices have successively hit new highs. The overall risk sentiment is gradually picking up and the US dollar index is further weakening, both of which provide support for oil prices.
From technical perspective, the daily candles continue to be bullish and there is still room to rise. Focus on the level of 74. H4 graph shows MA converges above the middle BOLL. The oil price is above MA10. The indicators are generally bullish. Overall, priorities operation on the low 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 74.00.
Resistance：73.40-74.00-75.00
Support：72.30-71.60-70.90
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