Gold Spot Price:
On June 12th, market drivers: During the Asian and European sessions on Friday, spot gold exhibited a pattern of rising on news and then falling as positions were closed. This was driven by profit-taking on fragile geopolitical news and the upcoming IPO of SpaceX, which is priced at $135 per share, setting a record for the largest listing ever and potentially dampening overall market risk appetite. Former U.S. President Trump announced on Thursday that plans for new military strikes against Iran have been shelved, a statement signaling a potential geopolitical breakthrough in negotiations to end the conflict.
Technical Analysis: On Thursday, the gold price briefly fell below the previous low of $4098 per ounce, touching a six-month low of $4023 per ounce before staging a rebound. The Relative Strength Index (RSI) indicates an oversold condition, though it has not yet broken below the 20 level. In today's Asian session, gold rallied quickly on the news of U.S.-Iran negotiation progress, hitting an intraday high of $4246 per ounce. However, upward momentum was insufficient, and the price subsequently retreated, consolidating within a range of $4170-$4230. Technically, the daily candle shows a long lower shadow, indicating some recovery in short-term rebound momentum. However, significant selling pressure exists in the $4245-$4260 range, forming a strong short-term resistance. On the support side, $4170 is a key psychological level; a decisive break below could lead to a test of the $4120 and $4053 ranges. For the evening session, key resistance levels to watch are around $4230/$4270, with support around $4170/$4120.
Evening Trading Strategy for Gold:
Personal suggestion: Consider buying on a dip to $4130/$4170 and selling on a rebound to $4230/$4270, with a stop loss of 10 points each and a target of 20/50 points!
[GOLD Pivot Level: $4170 per ounce! The above views are for reference only; diversify your portfolio and strictly control risks!]
WTI Crude Oil:
Market drivers: The U.S.-Iran geopolitical situation has cooled abruptly. Trump announced that Iran's top leadership has approved a draft multi-national consensus agreement, suggesting a deal could be reached in the coming days, with a signing ceremony planned for this weekend in Europe. The Strait of Hormuz is expected to fully reopen immediately after the agreement is signed. Given the U.S. acceptance of the text proposed by Iran, the likelihood of its approval is high. Affected by this news, WTI crude oil futures fell more than 4% to $86.2, while Brent crude futures also dropped over 4% to $88.66.
Technical Analysis: The prospect of a U.S.-Iran agreement has improved market sentiment, putting pressure on international oil prices and causing a correction that broke below a key previous trend support. On the daily chart, the MACD indicator is operating below the zero line with the green histogram continuing to expand, suggesting short-term market dominance by bearish forces. On the 4-hour chart, the oil price has experienced a significant decline, trading below the main moving averages. Indicators show that bearish momentum is ample, with insufficient upward rebound power. The oil market may maintain a weak, volatile pattern in the short term, and a flexible response strategy should be maintained intraday. For the evening session, key resistance levels to watch are around $85.5/$87.0, with support around $82.5/$80.2.
Evening Trading Strategy for Crude Oil:
Personal suggestion: Consider buying on a dip to $80.3/$81.7 and selling on a rebound to $85.1/$85.8, with a stop loss of 1.0 point each and a target of 3.0 points per barrel!