Gold

Gold: The spot gold price stayed at around $1341.05 per ounce on Wednesday, and fluctuated in the range of $1315.93-1341.91 per ounce on the day. Gold prices hit a double high of US$1375.28 and US$1375.34 on July 6 and July 11, respectively, which were the highs after the turbulent Brexit. After that, the price of gold steadily fell back and reached a bottom of US$1310.85 on July 21. The market is worried that the price of gold will break through the low of $1,305.60 on June 28, and then break through the 1,300 mark, and then target the low of $1,305.60 on June 24. This level was created when the polls on June 24 showed that the staying European camp took the lead. . Correspondingly, U.S. bond yields dragged down the dollar today, and gold prices rose again. The 50%, 61.8% and 76.4% Fibonacci levels of the descending channel in July are located at 1343.09, 1350.70 and 1360.12 respectively, which will serve as resistance levels.

Oil

Prior to the FOMC’s decision, crude oil prices maintained a defensive posture, which was suppressed by early US EIA data. Data released by EIA showed that crude oil inventories increased by 1.67 million barrels in the week of July 22, a decrease of 2 million barrels from expectations. Lower U.S. Treasury yields pressured the dollar to weaken, but did not help crude oil prices, which have continued to suffer in recent weeks. The New York Mercantile Exchange (NYMEX) September light crude oil futures contract closed down US$1.00 to US$41.92/barrel, fluctuating in the range of US$41.68-43.20/barrel. In addition to Tuesday’s low of $42.36, WTI also fell below the 38.2% Fibonacci retracement level of the February/June upward channel at $41.88. The next support level is the 200-day moving average of $40.76, and the mental target level is the $40 mark. From the 2016 high of $51.67 (June 9) to today’s low, the WTI contract fell by 19.3%.