Gold Market Update
On Monday, June 9th, following calls from the U.S. President, Iran and Israel agreed to halt mutual attacks. The benchmark 10-year U.S. Treasury yield settled at 4.568%, while the more policy-sensitive 2-year yield finished at 4.166%. Spot gold initially fell, breaching the $4,300 level and hitting an intraday low of $4,288.01, before recovering all losses and turning positive during the U.S. session. It ultimately closed up 0.05% at $4,329.886 per ounce. Spot silver experienced wide fluctuations, closing 0.4% higher at $68.15 per ounce. WTI crude oil opened higher and surged over 4% at one point, but then plummeted rapidly before the U.S. session, erasing most of its gains to close up 0.7% at $92.37 per barrel. Brent crude oil finished up 1.52% at $93.42 per barrel.
Current Gold Market Dynamics
In yesterday's session, the gold market opened at $4,326.8 per ounce. The price initially rose to $4,354.1 before experiencing a sharp pullback to a daily low of $4,267.1. It then staged a strong recovery to close at $4,330 per ounce, forming a daily candlestick with a very long lower shadow, resembling a Morning Star pattern. Following this closing pattern, gold is in a phase of consolidation and adjustment. In summary, while gold has stabilized and is oscillating around recent lows, the broader bearish trend remains intact. Today's focus will be on a potential breakout from its current range. The trading strategy favors selling on rallies, with buying on dips as a secondary approach. Resistance is observed at $4,380-$4,470, with support at $4,280-$4,260.
Latest Crude Oil Price Action
The U.S. crude oil market opened higher yesterday at $94.16 per barrel. It saw a minor dip to $93.28 before a strong rally pushed it to a daily high of $96.6. A sharp sell-off followed into the close, bringing the price down to a daily low of $91.45. It then consolidated to close at $92.42 per barrel, forming a daily candlestick with a very long upper shadow, indicative of a bearish engulfing pattern. This closing pattern suggests renewed selling pressure on oil. In summary, crude oil has once again broken down from high levels, returning to range-bound trading. Whether this breakdown will continue to new lows warrants attention. Today's strategy prioritizes selling on rebounds, with buying dips as a secondary tactic. Resistance is seen at $92.25-$95.0, while support lies at $90.3-$98.5.
Nasdaq Index Technical Outlook
The Nasdaq market opened yesterday at 28,804.18 points. After a slight dip to 28,761.22, it staged a powerful rally to a daily high of 29,693.06 before facing resistance and pulling back. It closed at 29,377.49 points, forming a large bullish daily candlestick with a very long upper shadow. This closing pattern suggests a probability of further upward testing. In summary, the Nasdaq remains in a broader uptrend. The recent sharp bearish candlestick followed by range-bound consolidation may signal a new directional move. The key focus for bulls and bears is whether the index can break above its previous highs. Today's strategy considers selling near that level, with a primary focus on selling rallies and a secondary focus on buying dips. Resistance is watched at 29,690-29,980; a break above could lead to further gains. Support is seen at 29,100-28,800.
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