Gold Market Update – On April 6, the benchmark 10-year U.S. Treasury yield closed at 4.311%, while the policy-sensitive 2-year Treasury yield ended at 3.8090%. Former President Trump's remarks dampened investor hopes for a clear timeline to end the war, boosting crude oil prices and reducing expectations for interest rate cuts. This led to a continued decline in international gold and silver prices. Spot gold experienced sharp volatility after hitting the $4,800 mark—a two-week high—on Thursday. It later fell to around $4,550 in the afternoon before recovering above $4,700 during U.S. trading hours, ultimately closing down 1.7% at $4,675.64 per ounce. Spot silver briefly fell below the $70 level before paring losses, ending the day down 2.69% at $73.02 per ounce.
Trump's pledge to escalate the Iran conflict in the coming weeks raised concerns over prolonged disruptions to energy flows through the critical Strait of Hormuz. WTI crude surged above $110 per barrel, closing up 13.28% at $112.28—a single-day gain of over $13. Brent crude ended 7.78% higher at $106.54 per barrel. Meanwhile, prompt Brent (the benchmark for North Sea physical crude deliveries) surpassed $140 per barrel, its highest level since 2008.
Latest Gold Price Movement – Gold opened at $4,759 per ounce last Thursday, climbing to an intraday high of $4,801.3 before retreating sharply under pressure from the U.S. President's speech and technical resistance near the daily Bollinger Midline and descending trendline. The metal hit a low of $4,553.8 before staging a strong rebound into the close, finishing at $4,677.9. The daily candle formed a long-legged bearish pattern with an extended lower shadow, while the weekly chart printed a small bullish candle. This price action suggests gold remains range-bound. In summary: gold faces a test of its consolidation zone after a pullback from highs. Trading strategy for the day favors selling near resistance and buying near support, with resistance eyed at $4,696–$4,750 and support at $4,580–$4,550.
Latest Crude Oil Price Movement – U.S. crude opened at $98.9 per barrel last Thursday, dipped to $97.66, then rallied sharply following the U.S. President's strong statements. Prices reached a high of $114.2 before consolidating, eventually settling at $112.1. The daily candle closed as a large bullish bar with a longer upper shadow, while the weekly chart posted another strong bullish candle, testing prior highs. This structure indicates continued bullish momentum. In summary: crude oil remains in an uptrend with bulls in control. Strategy today favors buying on dips with selling on rallies as a secondary approach. Resistance lies at $115.5–$120.0, with support at $110.0–$106.0.
Latest Nasdaq Index Movement – The Nasdaq index opened at 23,998.35 last Thursday, rose to 24,067.25, then sold off to a low of 23,485.6 before rebounding strongly to a high of 24,085.37. It finished the session at 24,037.05, forming a morning star-like pattern on the daily chart with a very long lower shadow. The weekly chart registered a strong bullish candle. Current price action suggests the index remains within a consolidation range. In summary: the Nasdaq has stabilized at lower levels and continues to test the previous trading range. Today’s strategy leans toward buying on dips, with selling on rallies as a secondary tactic. Resistance is seen at 24,162–24,500, while support lies at 23,800–23,500.
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