Market Analysis of Gold on Friday 27 August 2021
On Thursday, the panic in the US markets heated up, the three major US stock indexes all fell, and the US indexes rose above the 93 mark. Gold rebounded quickly from its lows after a short-term decline, approaching $1,800 again. According to market research results: The latest US GDP data for the second quarter and initial unemployment claims fell short of market expectations. The Fed official gave a hawkish speech, he hopes to complete the loose policy contraction as soon as possible. Two explosions occurred near Afghanistan International Airport, killing several American soldiers.
From a technical perspective, the Gold candle closed with a doji pattern, and the 60-day moving average continues to become resistance to the market. If there is a breakthrough then it is an opportunity. On the 4-hour chart the moving averages are converging, signalling that gold has bottomed out. The RSI is pointing upwards. Overall, prioritize operation in the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1800.
Resistance：1800-1810-1828
Support：1788-1780-1770
Market Analysis of Crude Oil on Friday 27 August 2021
On Thursday at the end of the session, crude oil fell and closed at $67.67 per barrel, ending three consecutive days of upward trend, with a cumulative increase of nearly 10% in the previous three trading days. The increase in the number of new corona virus infections has raised concerns about demand. At the same time, a drilling rig in Mexico resumed part of its production after the supply was interrupted due to a fire, which hindered the rise in oil prices. There were multiple explosions in the Afghan capital Kabul at night, which exacerbated the uncertainty of the market.
From a technical perspective, crude oil fluctuated within the interval. The daily candle once more closed by Doji pattern. Daily indicators show both bullish and bearish signs indicating a lack of direction. On H4 graph, BOLL closed and gradually flattened, MA5 and MA10 converged, MACD volume continued to strengthen. RSI was above the level 60 for a long-term. Overall prioritise Buy 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 68.50.
Resistance：68.50-69.40-70.00
Support：67.00-66.10-65.50
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