The gold market opened higher on Monday, June 16, with spot gold gapping up and maintaining an upward trend, briefly approaching $4,370 per ounce before closing up 2.13% at $4,309.24. This marks the third consecutive session of gains. The benchmark 10-year U.S. Treasury yield settled at 4.474%, while the policy-sensitive 2-year yield finished at 4.079%.
Gold's Recent Price Movement
Gold opened at $4,271 per ounce, dipped to $4,258.9, then rallied to a daily high of $4,370.3 before paring gains to close at $4,309. The daily candlestick formed a long upper shadow, indicating the completion of the initial wave of buying. The pattern suggests overhead resistance is present. The focus for today is whether the uptrend can continue. The trading strategy prioritizes short positions on rallies, with long positions as a secondary tactic. Resistance is eyed at $4,330-$4,365, with support at $4,280-$4,218.
Crude Oil's Recent Price Movement
U.S. crude oil opened lower at $81.9 per barrel, briefly touched $81.92, then fell sharply to a low of $79.91. It found support at the 61.8% Fibonacci retracement level of the prior uptrend and closed at $81.39. The daily candle formed a hammer with a long lower wick, signaling a bearish correction within a consolidation phase. After consecutive declines, oil is trading in a narrow range, and a rebound is likely to face renewed selling pressure. The trading strategy today favors short positions on strength, with longs as a secondary approach. Resistance lies at $82.0-$83.2, with support at $78.4-$77.0.
Nasdaq Index's Recent Price Movement
The Nasdaq Index opened higher at 29,935.74, dipped to 29,871.07, then surged to a daily high of 30,595 before closing at 30,507.37. The daily candlestick is a large bullish bar with small shadows, confirming the index remains in a strong uptrend. The bullish momentum continues, with the focus on maintaining stability at higher levels. The trading strategy today prioritizes buying on dips, while awaiting opportunities for short positions. Resistance is seen at 30,750-30,850, with support at 30,330-30,100.
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