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Baker Hughes (r), an American oil services company Data released last Friday (July 2) showed that the number of active oil drilling rigs in the United States increased by 100% in the week ended 2020. This was the fourth weekly increase in the past five weeks and the largest increase in the past month.
The increase in the number of drilling rigs in the United States has caused the market to worry that the resurgence of U.S. shale oil as oil prices recover may lead to an increase in oversupply, which will be detrimental to oil prices.
, Fundamental bad news: Slowing demand in Asia
The market is also worried that the slowdown in suppressed demand will drag down oil prices. Morgan Stanley pointed to signs that oil prices could soon slide again, citing stagnating gasoline demand and improving output in Canada and Nigeria. Lan Rongqing teacher Kou Kou San Wuba Si Shan Shan Qixuan believes that weak profit margins have prompted refineries to cut capacity utilization at a time when Asian refineries were preparing to enter a maintenance period, which will put pressure on oil demand and prices.
, Fundamentally positive news Saudi Arabia sends positive signals to the market
The Saudi Press Agency reported that Saudi Minister of Energy, Industry and Mineral Resources Falih and OPEC Secretary-General-designate Barkin both agreed that the international oil market Oil prices are beginning to stabilize as they approach equilibrium.
Market Review
Spot Gold: As we all know, since Monday is the American Independence Holiday, the U.S. market is closed and trading in the U.S. market is relatively light. Spot gold fluctuated upward on Monday as it continued to rise, supported by political uncertainty after Brexit, hitting a two-week high. The highest intraday rise in the U.S. market was USD/oz. China's short covering behavior also supported gold prices.
Technical aspects of gold
From the daily chart, the upward moving line of the Bollinger Bands is currently suppressed by strong resistance at the upper line of the Bollinger Bands. The price of gold is rising together with the stock market and testing the resistance level formed by the trend line since this year. Last Friday, the price of gold confirmed that it closed above the key weekly moving average (located at). Teacher Lan Rongqing believes that it will reach a new high in the next year. Looking at the hourly line, the Bollinger Bands shrinkage running line is below the upper limit of the Bollinger Bands, running parallel to the trend of Attached Chart D, which is about to form a dead cross. The stochastic indicator D runs parallel downwards above the axis. Gold is bearish in the short term and bullish in the medium term
Support Level:
Resistance level:
Gold operation suggestions
, range short order entry target regular stop loss point
, range long order entry target regular stop loss point
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