Gold Market Update
On July 6th, the benchmark 10-year U.S. Treasury yield closed at 4.90%, while the policy-sensitive 2-year yield finished the session at 4.181%. Spot gold advanced due to a weaker U.S. dollar, approaching the $4,200 level intraday and ultimately closing up 1.18% at $4,175.7 per ounce, securing a weekly gain after four consecutive weeks of decline. Spot silver concluded the day with a 2.28% increase, settling at $62.37 per ounce. The U.S.-Iran negotiation process remains fragile, with ongoing disputes over transit fees and management of the Strait of Hormuz, contributing to a modest rise in international crude oil prices. WTI crude oil settled up 0.44% at $68.73 per barrel, while Brent crude finished 0.49% higher at $71.94 per barrel.
Current Gold Market Analysis
The gold market opened last week at $4,085.2 per ounce. Prices initially retreated, finding a weekly low of $3,941 per ounce, before staging a strong rally. The weekly high was reached on Friday at $4,196 per ounce, after which prices consolidated. The week concluded with a close at $4,174.8 per ounce, forming a candlestick pattern with a very long lower shadow, resembling a hammer. This pattern, following a previous similar formation, signals a bullish double-hammer reversal on the weekly chart, suggesting a continuation of the upward trend this week. In summary, following a series of bullish closes, gold's upward momentum is poised to extend further. The recommended strategy for today prioritizes entering long positions on pullbacks, while considering short positions only after a confirmed breakdown. Key resistance levels to watch are $4,265-$4,350, with support expected around $4,165-$4,140.
Current Crude Oil Market Analysis
The U.S. crude oil market opened last week at $70.93 per barrel. Prices initially rose to a high of $71.95 per barrel before fluctuating and declining, reaching a weekly low of $67.29 per barrel. After consolidation, the week closed at $69.05 per barrel, forming a bearish candlestick with a lower shadow slightly longer than the upper shadow. This pattern indicates a continuation of low-level consolidation. In summary, crude oil's persistent decline has led to current low-level oscillations. Downward pressure from above remains intact. Unless the bulls can sustain a breakout higher, prices are likely to remain under pressure. The recommended strategy for today continues to favor entering short positions on rallies, with long positions as a secondary approach. Resistance is anticipated between $69.5 and $71.5, while support lies around $68.0-$67.0.
Current Nasdaq Index Analysis
The Nasdaq index market opened last week at 29,000.17 points. After a minor pullback to 28,971 points, it experienced a strong rally, reaching a weekly high of 30,315.83 points before consolidating. The week concluded with a close at 29,644.91 points, forming a bullish candlestick with a very long upper shadow. This pattern suggests the index remains within a consolidation triangle. In summary, the high-level triangular consolidation for the Nasdaq is nearing its conclusion, making a decisive breakout in either direction a key development to watch. The index is currently under pressure, and the effectiveness of support levels is critical. The recommended strategy for today involves both selling on rallies and buying on dips. Resistance is eyed at 29,768-30,300 points, with support expected at 29,270-29,000 points.
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