Yesterday, the gold market opened at 2311.4. After an initial dip to a daily low of 2297.3, the market surged strongly, reaching a daily high of 2320.1 before settling and finally closing at 2316.6. The daily chart ended with a long-tailed hammer, indicating a technical need for further rebound today. However, weekly resistance is near. For 1996 and 2028, set stop loss at 2150. For positions at 2300 and 2300-2303 from the previous days, adjust stop loss to 2304. If today's market dips to 2309, go long with a stop loss at 2304. Target 2320, with further resistance expected around 2325-2327.
Yesterday, the silver market opened at 29.818. After a slight rise to 29.871, it experienced a volatile decline, touching a daily low of 29.009 before bouncing back to close at 29.267. The daily chart ended with a long-tailed large bearish candle, suggesting that we should wait for data to guide today's market direction. For positions at 22.35, 22.5, and 24.45, adjust stop loss to 27. Today's market: short at 29.65, with a stop loss at 29.85. Target is 28.95 and 28.65.
Yesterday, the Euro opened at 1.07649. After a slight rise to 1.07739, it sharply declined to a daily low of 1.07190, then consolidated and closed at 1.07401. The daily chart ended with a long-tailed large bearish candle. For today's market: short at 1.07650 with a stop loss at 1.07800. Target is 1.07300 and 1.07190, with a further drop to 1.07000 and 1.06800.
Yesterday, the crude oil market opened at 78.19 and dipped to a daily low of 77.28 before sharply rising to a daily high of 78.44, then consolidating and closing at 78.2. The daily chart ended with a long-tailed morning star, indicating a technical need for further bullish action today. For positions at 77.3, adjust stop loss to 77.2. For today's market: long at 77.7 with a stop loss at 77.2. Target is 78.5, with further resistance expected around 79 and 79.5.
Yesterday, the Nasdaq opened at 19068.43, dipped to a daily low of 18956.71 before sharply rising to a daily high of 19224.02, then settled and closed at 19213.39. The daily chart ended with a long-tailed medium bullish candle. For today's market: long at 19100 with a stop loss at 19050. Target is 19225, with further resistance expected around 19275 and 19300-19330.
Fundamentally, the World Bank raised its 2024 global GDP growth forecast from 2.4% to 2.6%, and its U.S. growth forecast from 1.6% to 2.5%. This supported the U.S. dollar, pressuring gold, silver, and non-U.S. markets. Today's key data includes the U.S. May unadjusted CPI year-over-year and May seasonally adjusted CPI month-over-month at 20:30, with an expected rate of 3.4%. Later at 22:30, we'll see the EIA crude oil inventories for the week of June 7. Early tomorrow at 2:00, focus on the Federal Reserve's interest rate decision and summary of economic projections, followed at 2:30 by Fed Chair Powell's monetary policy press conference, with expectations of maintaining the current high rates.
Trading strategies: Gold: For 1996 and 2028, set stop loss at 2150. For positions at 2300 and 2300-2303 from previous days, adjust stop loss to 2304. If the market dips to 2309, go long with a stop loss at 2304. Target 2320, with further resistance around 2325-2327, prepare to short.
Silver: For positions at 22.35, 22.5, and 24.45, adjust stop loss to 27. Today's market: short at 29.65 with a stop loss at 29.85. Target is 28.95 and 28.65.
Euro: Today's market: short at 1.07650 with a stop loss at 1.07800. Target is 1.07300 and 1.07190, with a further drop to 1.07000 and 1.06800.
Crude Oil: For positions at 77.3, adjust stop loss to 77.2. Today's market: long at 77.7 with a stop loss at 77.2. Target is 78.5, with further resistance around 79 and 79.5.
Nasdaq: Today's market: long at 19100 with a stop loss at 19050. Target is 19225, with further resistance around 19275 and 19300-19330.
Yesterday 2300 and 2303 long.
