Market Analysis of Gold on Monday 9 August 2021
On Monday Gold opened with a flash crash and fell to 1685. This happened because the bulls broke the key point at 1750 and triggered a stop loss, causing gold to plummet. The decline in the value of gold also occurred as NFP data recorded an unexpected 943,000 increase in Friday's non-farm jobs report, which was the biggest increase since April last year, while the market expected an increase of 870,000. The unemployment rate in the United States fell to 5.4 % in July, the lowest since April last year, while the market expectation was 5.7% and the previous value was 5.9%. The US dollar rose sharply, and the stock market hit new highs, but the current epidemic is still providing support for gold prices.
From a technical perspective, gold's weekly line is dropping, and currently stopped weakening at 1670 which was a support line in the past year. The 4 hours chart shows indicators are still very bearish, and 1750 has become a deciding point for bulls and bears for the short term. Overall, open positions around 1750, open buy positions above this point and open sell positions below the key point. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1750
Resistance：1750-1768-1780
Support：1727-1717-1700
Market Analysis of Crude Oil on Monday 09 August 2021
On Monday Asia session, crude oil fluctuated around 66.75 and fell by about 1% last Friday marking its biggest decline on the weekly candles in several months. The market is worried that travel restrictions imposed to curb the Delta variant virus will undermine the recovery of global energy demand. Crude oil futures are also under pressure due to the strengthening of the U.S. dollar. The US employment report for July improved, but the deteriorating geopolitical situation in the Middle East has restricted the oil market's selling pressure.
From technical perspective, the weekly candles closed bearish. MA5 and MA10 form Death Cross. Oil prices will fall further. The daily candles show the Bollinger Band is going downward and the trend is bearish. Pay attention to the situation below level 65. H4 graph still forms bottom ladder. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 65.00.
Resistance：67.30-68.50-70.00
Support：66.00-65.50-65.00
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