Gold Market Update
On Friday, June 15th, reports circulated that a US-Iran memorandum of understanding was nearing completion, with the market closely monitoring the progress of peace talks. The benchmark 10-year US Treasury yield closed at 4.489%, while the policy-sensitive 2-year yield settled at 4.093%. Spot gold fluctuated around the $4,200 per ounce level, ultimately closing up 0.1% at $4,219.32, marking its second consecutive weekly decline. Spot silver also traded sideways, closing up 0.92% at $68 per ounce. International crude oil extended its losses, posting its third weekly decline in the past four weeks. WTI crude hit its lowest intraday level since April 17th, ultimately closing down 2.7% at $84.82 per barrel. Brent crude closed down 2.76% at $86.09 per barrel.
Latest Gold Price Action
The gold market opened last week at $4,326.6 per ounce, initially declined to $4,267.3, then experienced a brief, sharp rally to a weekly high of $4,264.3. Following this, a strong sell-off ensued, pushing the price to a weekly low of $4,021.7. Subsequently, a combination of oversold conditions and supportive fundamental factors triggered a rebound. The week ultimately closed at $4,216.8, forming a weekly candlestick with an extremely long lower shadow, resembling a hammer pattern. This technical formation suggests the market retains potential for further upside testing. In summary: Gold opened today with a gap, showing strong bullish momentum. However, key resistance levels above remain unbroken. For today's trading, the strategy is to prioritize establishing long positions on pullbacks, with short positions considered secondary. Resistance is monitored at $4,370-$4,407, while support is watched at $4,266-$4,220.
Latest Crude Oil Price Action
The US crude oil market opened higher last week at $94.15 per barrel, initially rallied to a weekly high of $96.62, then experienced a strong reversal. The weekly low reached $83.73, followed by consolidation. The week closed at $84.82, forming a large bearish weekly candlestick with an upper shadow longer than the lower shadow. This pattern suggests a high probability of continued decline. In summary: Crude oil is breaking down from a consolidation pattern, and the bearish trend is expected to persist. For today's trading, the strategy is to prioritize selling on rallies, with buying on dips as a secondary tactic. Resistance is monitored at $83.2-$85.2, while support is watched at $79.0-$77.0.
Latest Nasdaq Index Price Action
The Nasdaq market opened last week at 28,793.04 points, initially rallied to a weekly high of 29,813.17, then experienced a strong pullback to a weekly low of 28,169. A late-week rally ensued, and the index closed the week at 29,651.34. The weekly candlestick formed a medium-sized bullish candle with a very long lower shadow. This pattern suggests the index has potential for further upside testing. In summary: The Nasdaq is trading within a consolidation range at elevated levels, with the overall structure reverting to strong bullish momentum. The focus is on whether previous highs can be breached. For today's trading, the strategy is to prioritize establishing long positions on pullbacks, with short positions considered at higher levels. Resistance is monitored at 30,500-30,750, while support is watched at 29,620-29,400.
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