Market Review
Trading was light in the US market on Monday due to Memorial Day. The US Dollar Index fluctuated downwards, ending at 104.6. Gold and silver surged significantly throughout the day, influenced by geopolitical tensions and the weakening dollar. Spot gold continued its rebound, reaching a high of 2358.52. Spot silver saw a stronger rebound, closing up by 4.76% at $31.81 per ounce.
Today's Focus
US Dollar Index: Approaching the 61.8% Fibonacci support level in the short term, attention is on the 104.5 support area intraday. A rebound continuation is expected; failure to climb effectively will lead to previous lows.
EUR/USD: The short-term rebound continues, with a focus on the previous high area of 1.088-1.09. Breaking above this level will target the 1.094 resistance line. If unable to break through effectively, a pullback is expected. A break upwards will indicate a significant rise.
GBP/USD: The bullish trend continues, with short-term resistance at the 1.28 area. If the price breaks above this level, it will target the 1.29-1.3 area. Failure to break through will result in another pullback. Intraday, a pullback to 1.275 provides a buy opportunity for the short term.
USD/JPY: Price fluctuates narrowly below the resistance area. It is advisable to be cautious in pursuing long positions unless it breaks above the 157.5-158 range effectively. There are no clear short signals unless it breaks below 155.8 effectively. Wait for the market trend to become clearer.
AUD/USD: Price has briefly broken above and retested the 0.664-0.667 resistance area. Intraday, if it stays below 0.667, there may be opportunities to short. Stop loss should be set above 0.6685. A direct break above will signal a strengthening trend, with opportunities to go long upon a pullback.
USD/CAD: Short-term support at 1.363 has been broken. If it fails to recover effectively, the bearish trend will continue. Short-term, as long as it fails to break above the high of 1.3672, there is an opportunity to short on rebounds. Focus on the previous low area of 1.359 for support, as a break below will signal a continuation of the downward trend.
Crude Oil: Price has retraced to the 61.8% resistance area after a short-term decline. Intraday focus is on the 78.5-79 resistance area. If a bearish reversal (K reversal) appears, short positions can be taken. If unable to hold steady, watch for a continued upward break and then a pullback for short-term buying opportunities. Be cautious with chasing long positions in the short term.
Gold: Short-term resistance remains in the 2370 area. Intraday focus is on opportunities to enter short positions after a short-term rebound and bearish reversal (K reversal). If there is a direct break above this level, the focus shifts to the 2410 area. The major upward trend continues, with short positions entering after confirmation.
S&P Index: Short-term price is approaching the 5330-5350 resistance area; watch for bearish reversal (K reversal) after the price reaches this level. If there is a direct breakthrough, wait for a pullback for continued long positions. Before an effective breakthrough, it is prudent to reduce long positions. Be cautious with chasing long positions in this area.
Bitcoin: Yesterday, the price tested the 70000 level for the second time and then retreated. Short-term attention is on the range-bound market before an effective breakout. Resistance is at 70000-71500, and support is at 66000-67600. Until an effective breakout, the strategy is to sell high and buy low within this range.
