Spot Gold:
On June 9, the market context: During the Asian session on Tuesday, the spot gold price briefly surpassed the $4350.00 per ounce level before retreating, currently trading around $4325 per ounce. In recent weeks, gold has faced strong pressure, with the corrective move gaining momentum since its peak in late January. The overall outlook for gold is becoming increasingly challenging. Surging global bond yields, resilient US economic data, and a strengthening US dollar have collectively diminished the appeal of the non-yielding asset gold. While structural long-term support for gold remains intact, the short-term outlook has shifted to bearish.
Technical perspective: Gold declined in recent intraday trading, approaching a potential break below the $4300 support level, reflecting persistent selling pressure and the dominance of a short-term bearish trend. The price continues to move along a secondary descending trendline, reinforcing the likelihood of further declines. Additional pressure comes from trading below the EMA50, which acts as dynamic resistance, capping recovery attempts. Meanwhile, compared to the price action, the Relative Strength Index has reached overstretched levels, indicating waning bullish momentum and increasing downside risk if support is breached. For the evening session, key resistance levels to watch are around $4353/$4405, with support levels to monitor around $4320/$4305.
Evening Trading Recommendations for Gold:
Recommendation: Consider staged long positions on a pullback to $4320/$4305, and staged short positions on a rebound to $4381/$4398. Set a stop-loss of 10 dollars for each side, with profit targets of 20/50 dollars.
WTI Crude Oil:
Market context: During the Asian and European sessions on Tuesday, June 9, international oil prices initiated a pullback, with WTI crude falling 1.47% to trade around $90.95. Although Israel has not ceased its bombardment of Lebanon, the United States has begun to distance itself from this war ally. US Vice President Vance stated on the 8th that regardless of Israel's willingness, the US will continue to push for an agreement with Iran, acknowledging that US interests in promoting a deal with Iran may differ from Israel's. Vance noted that Israel may or may not like the agreement, but the US believes it is in its best interest and will therefore continue its efforts. When asked if Iran was playing games, he responded that all parties are attempting to influence each other and gain the upper hand.
Technical perspective: On Tuesday, June 9, US crude oil prices traded around $90.120 per barrel, down 1.33%. Oil prices continued to decline in recent intraday trading, with a short-term corrective bearish trend in control. The price is moving along a second descending trendline, reflecting ongoing selling pressure and supporting a negative outlook. Oil also faces additional pressure from trading below the EMA50, which continues to serve as dynamic resistance and limits recovery attempts. Concurrently, the Relative Strength Index maintains negative signals, reinforcing the bearish technical view and suggesting that downward pressure may persist in the near term unless stronger bullish signals emerge. For the evening session, key resistance levels to watch are around $90.6/$91.0, with support levels to monitor around $87.0/$86.5.
Evening Trading Recommendations for Crude Oil:
Personal recommendation: Consider staged long positions on a pullback to $86.6/$87.0, and staged short positions on a rebound to $90.6/$91.0. Set a stop-loss of 1.0 point for each side, with profit targets of $3.0 per barrel.
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