Gold Market Update
On Tuesday, June 10th, the benchmark 10-year US Treasury yield settled at 4.522%, while the more policy-sensitive 2-year yield settled at 4.135%. As market expectations for a Federal Reserve rate hike this year intensified and the US conducted strikes against Iran, spot gold plummeted during the US trading session, hitting an intraday low of $4,236.77 before settling down 1.63% at $4,260.37 per ounce. Spot silver closed down 4.1% at $65.36 per ounce. Crude oil prices oscillated lower throughout the day but saw a brief rebound following the US action against Iran. WTI crude broke below the $90 mark, touching an intraday low of $86.96 before a modest recovery, ultimately settling down 2.91% at $89.68 per barrel. Brent crude finished the session down 2.56% at $91.92 per barrel.
Latest Gold Price Action
The gold market opened yesterday at $4,333 per ounce. After an initial rally to $4,363.6, prices retreated during US trading, breaking below Monday's low to reach a bottom of $4,235.7 before consolidating. The session closed at $4,260.8, forming a daily candlestick with a large real body and equal upper and lower shadows. This pattern signals a continuation of the bearish momentum. In summary, the decline following a period of consolidation indicates a high probability of sustained selling pressure. For today's trading, the primary strategy is to look for selling opportunities on rallies, while waiting for better levels to consider buying. Resistance is observed in the $4,225-$4,280 range, with support seen between $4,150 and $4,100.
Latest Crude Oil Price Action
The US crude oil market opened yesterday at $92.37 per barrel. After a minor rally to $92.54, prices experienced a strong, volatile decline, reaching a daily low of $86.92. A powerful late-session rally ensued, with the market closing at $89.72, forming a daily candlestick with a large real body and an extremely long lower shadow. This pattern suggests the market remains under bearish pressure. In summary, while the rebound from the lows indicates potential support, a reversal of the downtrend would require a period of consolidation and base-building. Until then, the prevailing trend is expected to continue. Today's strategy prioritizes selling on rallies, with buying on dips as a secondary approach. Resistance is eyed at $90.4-$94.0, with support at $87.0-$86.0.
Latest Nasdaq Index Price Action
The Nasdaq index opened yesterday at 29,389.14. After an initial dip to 29,255.32, it rallied to an intraday high of 29,806.39. The US session saw a sharp sell-off driven by fundamental factors, pushing the index to a daily low of 28,179.12 before an oversold bounce. The session closed at 29,088.72, forming a daily hammer candlestick with an extremely long lower shadow. This pattern suggests the bearish momentum is currently undergoing a corrective phase. In summary, following the breakdown from consolidation, bearish momentum may resume. Today's trading strategy favors selling on rallies as the primary tactic, with buying on dips as secondary. Resistance is seen at 29,260-29,700, while support lies at 28,425-28,180.
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