Gold Market Update – On May 14th, the benchmark 10-year U.S. Treasury yield closed at 4.465%, while the more policy-sensitive 2-year yield settled at 3.994%. Spot gold prices fluctuated lower, breaching the significant psychological level of $4,700, and ultimately closed down 0.56% at $4,688.95 per ounce. Spot silver extended its gains for a seventh consecutive session, reaching its highest level since March 11th, closing up 1.1% at $87.54 per ounce. International oil prices retreated. WTI crude oil exhibited an inverted V-shaped pattern, reaching an intraday high of $103.75 per barrel before erasing all gains to close down 1.22% at $101.07 per barrel. Brent crude oil closed down 2.09% at $103.09 per barrel.
Latest Gold Price Action – The gold market opened at $4,711.9 per ounce yesterday. Prices initially rose, hitting a daily high of $4,727, before experiencing a strong pullback to a daily low of $4,669. A late-session rally ensued, with prices closing at $4,688.2 per ounce. The daily candlestick formed a bearish candle with equal-length upper and lower shadows. This closing pattern suggests potential for a consolidation with an upward bias. In summary, gold is currently trading within a range of $4,647 to $4,772. A new trend would require a decisive breakout. The short-term trend is upward. Monitor the resistance zone between $4,711 and $4,728 for a potential breakout. The recommended trading strategy prioritizes long positions on pullbacks, with secondary consideration for short positions at higher levels. Key resistance is observed at $4,730-$4,778, with support at $4,674-$4,650.
Latest Crude Oil Price Action – The U.S. crude oil market opened last week at $102.26 per barrel. Prices initially fell to $100.58 before staging a strong rally to a daily high of $103.81. A late-session decline followed, with prices closing at $100.88 per barrel. The daily candlestick formed a bearish candle with a very long upper shadow. This closing pattern indicates a heightened probability of a further breakout. In summary, crude oil remains within an ascending trend channel, with the channel's lower boundary providing crucial support. Today's trading strategy prioritizes long positions on pullbacks, with secondary consideration for short positions at higher levels. Key resistance is observed at $103.8-$106.0, with support at $100.4-$99.0.
Latest Nasdaq Index Action – The Nasdaq market opened at 29,037.37 yesterday. Prices initially dipped to 28,944.7 before oscillating higher to a daily peak of 29,456.5. After consolidation, the index closed at 29,422.79. The daily candlestick formed a bullish candle with a slightly longer lower shadow. This closing pattern suggests the potential for a continuation of the bullish momentum. In summary, following a minor pullback on Tuesday, the Nasdaq stabilized and broke higher as anticipated. Today's focus is on the extension of the bullish move. The trading strategy prioritizes long positions on pullbacks. Key resistance is observed at 29,800-30,000, with support at 29,333-29,180.
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