Market Analysis of Gold on Friday 6 August 2021
On Thursday, the gold market fell again. The market is waiting for the US non-farm payroll report to be released on Friday. The latest report released by the US Department of Labour yesterday showed that as of July 31, the number of initial unemployment claims fell to 385,000, down 14,000 from the previous week, while the previous value was 400,000. This is the second week in a row that the number of initial jobless claims in the United States has declined, indicating that the US labour market has improved.
From a technical perspective, the gold daily candle closed bearish, gold continued to be under pressure around 1834, the BOLL band narrowed and the moving averages fluctuated and converges. The 4 hours chart shows a double top structure, below 1790 is the key support, indicators are relatively weak. Overall, prioritize operation within the fluctuation zone. If there is a breakthrough in the market at night, traders can consider to open position. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1790
Resistance：1808-1816-1834
Support：1795-1790-1770
Market Analysis of Crude Oil on Friday 06 August 2021
Crude oil rebounded on Thursday, with an increase of $1.06, or 1.5%, and closed at $68.86. People keep worrying that China's re-introduced restrictions may hit the world's largest crude oil importer's oil demand. In addition, in many Southeast Asian countries with low vaccination rates, there has been a surge in confirmed cases of COVID-19 in recent weeks, which is relatively negative for the overall oil demand in Asia.
From technical perspective, the pressure on the daily candles is obvious. MA, MACD, and RSI show bearish signal. H4 graph shows that after the rebound, crude oil was under pressure around 69.10. MA has improved but overall, still shows bearish sign. Overall, prioritise Sell on the high position within the fluctuation zone while waiting for NFP Data. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 67.30.
Resistance：69.10-69.70-70.50
Support：68.00-67.30-66.00
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