Gold Market Update – On April 30, spot gold fluctuated before continuing its decline after the Federal Reserve held interest rates steady and inflation concerns resurfaced. The price hit an intraday low of $4,510.25 per ounce, marking a one-month low, and ultimately closed down 1.17% at $4,543.43. Spot silver finished the session down 2.46% at $71.28. The benchmark 10-year U.S. Treasury yield settled at 4.434%, while the more policy-sensitive 2-year yield closed at 3.965%. International crude oil prices surged sharply due to stalled U.S.-Iran negotiations, which heightened investor concerns over prolonged supply disruptions in the Middle East. WTI crude surged nearly 9% during the day, with gains starting during the European session and pushing the price above $110. It ultimately closed up 8.66% at $110.18 per barrel. Brent crude finished the day up 6.83% at $111.02 per barrel.
Latest Gold Price Movement – The gold market opened yesterday at $4,594 per ounce. After an initial rise to a daily high of $4,610.7, it experienced a strong corrective pullback, reaching a session low of $4,509.5. The metal then consolidated and settled at $4,544, forming a medium bearish candlestick with a long lower shadow on the daily chart. This closing pattern indicates that gold remains under pressure. In summary, gold is overall trading within a bearish downtrend. For today's trading, the strategy prioritizes selling on rallies, with buying on dips as a secondary approach. Resistance above is seen at $4,600-$4,630, while support below is watched at $4,520-$4,480.
Latest Crude Oil Price Movement – U.S. crude oil markets staged a strong rally yesterday. Opening at $101.23 per barrel, the price initially dipped to a daily low of $99.98 before embarking on a powerful upward move, reaching a high of $110.14. It then consolidated and settled at $109.95, forming a large bullish candlestick with a very long lower shadow on the daily chart. This closing pattern maintains a bullish outlook for crude oil. In summary, the fifth wave of the uptrend appears to be accelerating. As today marks the weekly close, focus remains on the continuation of the bullish momentum. The trading strategy favors buying on pullbacks, with selling at highs as a secondary tactic. Resistance above is monitored at $110-$112.5, with support below watched at $104.7-$102.0.
Latest Nasdaq Index Movement – The Nasdaq market opened yesterday at 27,077.9 points. After a minor rally to 27,184.89, it underwent a period of strong, volatile decline, hitting a daily low of 26,957.36. A late-session rally then pushed the index to a daily high of 27,274.64 before it consolidated and settled at 27,022.44. This formed an inverted hammer candlestick pattern with a long upper shadow on the daily chart. This closing structure suggests a continuation of the bullish trend for the Nasdaq. In summary, the index's pullback followed by a renewed upward breakout aligns with expectations. With a higher open and upward movement anticipated today, the strategy prioritizes buying on dips, with selling at highs as a secondary approach. Resistance above is focused at 27,700-27,800 points, while support below is seen at 27,320-27,000 points.
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