Market Analysis of Gold on Tuesday 3 August 2021
On Monday, gold rose then weakened, driven by a weaker US dollar and US Treasury yields. The American Institute of Supply Management report showed that the US manufacturing industry continued to grow in July, but the growth rate slowed for the second month in a row, and shortly thereafter, the index fell to 1.184%, its lowest level since July 20. Despite the bullish gold price trend and lower 10-year US Treasury bond yields, however, early August seems to have opened neutral for gold, neither bullish nor bearish.
Technically, the daily gold candle closed the doji, and is above the 10-day MA line and the middle BOLL. The 4 hours chart shows a Double top pattern, rebounded at the end of the market but faced resistance around 1820. Overall gold is under pressure. MA converges and is below the middle BOLL. The body of the MACD indicator becomes shorter. Overall, prioritize operation within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1810
Resistance：1815-1820-1826
Support：1803-1798-1790
Market Analysis of Crude Oil on Tuesday 03 August 2021
On Tuesday Asia session, crude oil fluctuated around 70.85 and the price fell by more than 3% on Monday. Prior to this, the United States announced poor economic data, triggering concerns about weak demand and oversupply. The epidemic has also offset the positive impact of the recovery in global demand. At the same time, Saudi Arabia, Kuwait, and the United Arab Emirates increased their crude oil exports to a recent high. This marks OPEC's return to increasing production in a market full of uncertainties.
From technical perspective, the daily candles closed bearish, breaking through the short-term MA. The MACD indicator contracted. H4 graph forms the downward gap, below 70.00 is the key support level, the indicators relatively strong. Overall, prioritise Sell. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 70.00.
Resistance：71.40-72.20-73.00
Support：70.00-69.20-68.00
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