8th June, 2020

24th Sep, 2021

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FUNDAMENTAL ASPECT

Oil prices rose on Friday for a fourth straight day due to global supply concerns following powerful storms in the United States, with China's first public sale of state crude reserves causing a momentary blip in the rise. Brent crude was up 12 cents, or 0.2%, at $77.37 a barrel, by 0321 GMT, after touching two-month high on Thursday and closing at its highest since October 2018.

U.S. oil was up 6 cents, or 0.1%, at $73.36 a barrel, having closed 1.5% in the previous session, the highest since the start of August.

Oil companies in the United States have struggled to fully restore deliveries to the eastern seaboard after storms damaged facilities on the Gulf coast.

"A prolonged recovery from Hurricane Ida disruptions and robust demand are eating into oil stockpiles," ANZ Research analysts said in a note. " U.S. oil inventory withdrawals are accelerating."

In a sign of strengthening fuel demand, capacity utilization rates at U.S. East Coast refineries increased to 93%, the highest since May 2019, Energy Information Administration (EIA) data showed.

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Inventories fell to the lowest in almost three years after damage from two hurricanes kept draws elevated in the United States, EIA data earlier in the week showed. [EIAS]

Prices declined briefly on Friday after China's first public sale of state reserves. State-owned PetroChina and private refiner and chemical producer Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels, sources with direct knowledge of the auction said.

WoodMac analysts said just before the auction that it would have little impact on the market due to the size of the sale relative to China's consumption and imports.

Some members of the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, have also struggled to raise output following under-investment or delays to maintenance work during the pandemic that began last year.

Still, U.S. oil refiners on the hunt for replacements for the U.S. Gulf crude lost to storms have been able to turn to Iraqi and Canadian oil, while Asian buyers have been switching to pursuing Middle Eastern and Russian grades, analysts and traders said.

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ECONOMIC CALENDAR

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INTRADAY MOVERS & SHAKERS

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SENTIMENT INDEX

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GOLD DAILY

Trend: Bearish

Key Levels: Support 1685, 1730 Resistance 1775, 1804, 1834, 1870, 1888, 1912

In yesterday's report, we mentioned the importance of the downtrend line range in the 4-hour

chart and the 1785 resistance level.

According to the analysis, gold rose to the range of 1787 on Wednesday, but with the pressure

of sellers in this range, at the end of the day, it fell below the Pivot Point and closed at 1768.

Yesterday's price behavior indicates the readiness of sellers in this range, so now any price

increase towards the 1775 range is a sell opportunity and the way to reduce the price to the

1730 range is provided.

NO UPDATE

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GOLD 4H

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SILVER DAILY

Trend: Bearish

Key levels: Support 19.30, 20.97, 21.88 Resistance 22.80, 24.00, 24.80

In yesterday's report, we mentioned short in the resistance range of 22.80.

According to the analysis, silver rose to the range of 22.88 on Thursday, but with the pressure

of sellers in this range, it stopped for the second consecutive day in this range and decreased by

0.81%.

As long as the price is below the 22.80 range, any price increase towards higher levels is short

opportunity.

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SILVER 1H

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EURUSD DAILY

Trend: Bearish

Important levels: support 1.16300,1.16700, 1.17000 resistance 1.17700, 1.18500, 1.18950

In yesterday's report, we mentioned the importance of the support range of 1.16850.

According to the analysis, with the pressure of buyers in the range of 1.16850, the euro rose

0.43% on Thursday and closed in the range of 1.17388.

The 1.17650 range is currently the most important resistance range on Friday.

If the price crosses this range, the path to increase the price to the range of the downtrend line

will be provided.

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EURUSD 4H

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GBPUSD DAILY

Trend: Neutral

Important levels: support 1.3577, 1.3670 resistance 1.3771, 1.3880, 1.3980, 1.4180

In yesterday's report, we noted the importance of the 1.3616 support range.

According to the analysis, with the pressure of buyers in the range of 1.3616, the pound rose

0.76% on Thursday and formed a bullish engulfing candle.

Given the readiness of the buyers yesterday, the level of 1.3792 is now the first leading target

and any price reduction towards the range of 1.3683 is a buy opportunity.

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GBPUSD 4H

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AUDUSD DAILY

Trend: Long-term downtrend

Important levels: support 0.71400, 0.72300 resistance 0.72850, 0.73900, 0.74650, 0.75330

In the report of the last few days, we mentioned the importance of the support range of

0.72300.

According to the analysis, the Australian dollar was supported at 0.72300 on Thursday, growing

0.77% and formed a bullish candle.

Currently, if the price crosses the resistance range of 0.73100, the way to increase the price to

the range of 0.73900 will be provided.

0.72300 and 0.73100 are the most important levels on Friday.

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AUDUSD 4H

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WTI DAILY

Trend: Long-term bullish

Important levels: Support 58.95, 62.22, 63.36, 66.22, 68, 70.20, 72.90 Resistance 74.23, 76.16,

76.88

WTI rose 1.79% on Thursday, hitting above the resistance level of 72.90.

Due to the upward trend of oil, now any price reduction to the range of 72.40 is a buy

opportunity.

The possible price reaction to the range of 74.23 on Friday is very important.

In the event of a close price above the resistance range of 74.23, the path to the price increase

towards the 2021 price ceiling will be provided.