Market Analysis On May 6, US Defense Secretary Hagesses stated that the ceasefire agreement between the US and Iran remains effective, easing concerns about a full-scale war reigniting in the region following this week's attack in the UAE. Consequently, gold and silver markets received support and rallied. Today's key data includes the US ADP Employment Change for April at 20:15. Later, focus shifts to the US Global Supply Chain Pressure Index for April at 22:00, followed by the EIA Crude Oil Inventories, EIA Cushing Crude Oil Inventories, and EIA Strategic Petroleum Reserve Inventories for the week ending May 1 at 22:30.
The gold market opened at 4523.7 yesterday, experienced an initial decline to a daily low of 4513.1, then saw strong oscillating gains, reaching a daily high of 4586.9 before consolidating. It finally closed at 4556.2, forming a medium bullish candle with a very long upper shadow on the daily chart. Following this pattern, today's strategy is to buy above 4550 with a stop loss at 4544, targeting 4567, 4577, 4581, and 4587. A break above these levels could see prices move towards 4600 and 4620.
The silver market opened at 72.64 yesterday, dipped slightly to a daily low of 72.37, then rallied strongly to a daily high of 74.207 before pulling back. It closed at 72.802, forming an inverted hammer candlestick with a very long upper shadow on the daily chart. Given this pattern, today's strategy is to buy above 72.8 with a stop loss at 72.5, targeting 73.5, 74, 74.2, 74.5, and 75.
The EUR/USD pair opened at 1.16871 yesterday, dipped to a daily low of 1.16756, then rallied strongly to a daily high of 1.17134 before consolidating. It closed at 1.16922, forming a harami cross candlestick pattern on the daily chart. Based on this formation, today's strategy is to buy above 1.16900 with a stop loss at 1.16750, targeting 1.17150, 1.17300, and 1.17600.
The crude oil market opened at 106.08 yesterday, saw a minor rally to a high of 106.4, then experienced strong oscillating declines to a daily low of 102 before a late-session rebound. It closed at 103.59, forming a large bearish candle with a very long lower shadow on the daily chart. Following this pattern, today's strategy is to sell below 104.5 with a stop loss at 105, targeting 102.5 and 102. A break below these levels could see prices move towards 99.5, 99, and 98.
The Nasdaq index opened at 27655.91 yesterday, dipped slightly to 27607.97, then oscillated upwards to a daily high of 28129.15 before consolidating. It closed at 28088.94, forming a large bullish candle with slight shadows on the daily chart. Given this pattern, today's strategy is to buy above 28000 with a stop loss at 27950, targeting 28100, 28200, and the 28300-28350 range.
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