Gold Market Update—— On May 28, the benchmark 10-year U.S. Treasury yield closed at 4.489%, while the more policy-sensitive 2-year yield settled at 4.041%. Market expectations for tighter monetary policy to curb rising inflation, coupled with the absence of a clear end to the conflict in the Middle East, pushed spot gold to a two-month low. It briefly approached $4,400 per ounce intraday before closing down 1.13% at $4,456.07. Spot silver ended the session 2.28% lower at $74.64. Meanwhile, international oil prices plunged over 4% after former U.S. President Trump stated no agreement had been reached with Iran, a claim the White House denied. WTI crude oil settled down 4.26% at $92.03 per barrel, and Brent crude closed 4.64% lower at $94.94 per barrel.
Latest Gold Market Analysis—— Gold opened at $4,511.1 per ounce yesterday. After an initial rally to $4,538, the market experienced a sharp sell-off, hitting an intraday low of $4,401.2. It then found strong support at the key 61.8% Fibonacci retracement level of the recent uptrend, rebounding to close at $4,456. The daily candlestick formed a long bearish candle with a lower shadow significantly longer than the upper shadow. This pattern suggests a high probability of continued weakness. In summary, gold is trending lower within a defined downward channel after a bearish breakout. The focus today is on the continuation of the downtrend. The trading strategy prioritizes selling on rallies, with buying on dips as a secondary approach. Key resistance levels are at $4,466-$4,495, while support is seen at $4,360-$4,350.
Latest Crude Oil Market Analysis—— U.S. crude oil opened at $96.06 per barrel yesterday. Following a minor uptick to $96.32, prices fell sharply to an intraday low of $90.35 before consolidating to close at $92. The daily chart shows a long bearish candle with a very long lower shadow. With this pattern, crude oil is at the bottom of its recent trading range. If it fails to break lower from here, signs of stabilization may emerge. In summary, after consecutive declines, the bearish momentum in crude oil shows signs of weakening. The trading strategy for today prioritizes buying on dips, with selling on rallies as a secondary tactic. Resistance is anticipated at $91.6-$92.6, with support at $89.0-$88.0.
Latest Nasdaq Index Analysis—— The Nasdaq Index opened at 29,999.56 yesterday. It initially rallied to 30,308.87 before a strong pullback saw it drop to an intraday low of 29,794.76. A late-session recovery led to a close at 30,041.93. The daily candlestick formed a long-legged doji with a slightly longer upper shadow. This pattern indicates the bullish trend has entered a phase of narrow-range consolidation. In summary, after a series of upward breakouts, the Nasdaq is undergoing an adjustment at current levels, with expectations for the uptrend to resume. Today's strategy focuses on buying on pullbacks, with selling on rallies as a secondary approach. Resistance is eyed at 30,300-30,500, while support lies at 29,820-29,600.