Market Analysis of Gold on Wednesday 4 August 2021
On Tuesday, gold prices fell slightly and are currently fluctuating around 1813. The US index is testing the support level slightly above 92 points. At the same time, the 10-year Treasury bond yield remains unchanged at 1.16%. The dollar and strong US bond yields increase the pressure on gold prices. US employment data will be released later this week, which could influence the Fed's plans to reduce its asset-buying plans. Worries about the global spread of the new virus delta variant provide an opportunity for safe-haven assets such as gold.
From a technical perspective, although the daily gold line has fallen slightly, it is still above the middle BOLL. The 4-hour chart shows that the market has started to fluctuate before the results of the NFP data are out. The indicator is relatively neutral. 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：1816-1820-1826
Support：1806-1798-1790
Market Analysis of Crude Oil on Wednesday 4 August 2021
On Wednesday Asia session, crude oil fluctuated around 70.10. According to data from the American Petroleum Institute (API) in the morning, crude oil inventories fell by 879,000 barrels in the week as of July 30, and refined oil and gasoline inventories were expected to fall for the third consecutive week; oil prices fell on Tuesday, hitting a new low of US$69.15 per barrel in the past two weeks, as concerns about the increase in Delta variant virus infections overwhelmed expectations that US refined oil inventories fell again last week.
From technical perspective, the daily candles closed by two consecutives bearish candle. From the pattern formed, it can be predicted that oil prices will fall further, and the indicators are slightly bearish. H4 graph shows that MA forms Death Cross, the indicators show the bearish signal and showing a downward trend. H1 short term graph shows that the candles are also below the middle Bollinger band. 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：70.50-71.50-72.20
Support：69.50-68.80-68.00
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