Daily Market Analysis- FX, Gold, Crypto, Indices & Stocks

[julianreeds]

Currently, the EUR/USD pair is falling, but still within a price channel that is going up. Once price reached 1.14649, it is now stabilizing just below the middle of the up channel.

The market is expected to go up.
If USD/CAD price moves above 1.13239 and below 1.13809, a move upward is possible to 1.14145 and then to 1.14649.

Negative Expectations:
If price slips below 1.13239, it should head toward the support level of 1.12629.

An actual breakdown in the channel may bring prices down even more.

Strategy:
A good position for buyers might be near 1.13239 or 1.12629 while keeping their stops close.
When the price is below 1.12629, sellers may aim for 1.1200.

Key Levels:
Resistance is measured at 1.14145 / 1.14649.
Support at 1.13239 / 1.12629

[julianreeds]

GOLD UPDATE, June 5
Trend: Bullish (Short-term – consolidation phase)
Gold is trading

above an ascending trendline. Strong support at $3,345 & $3,334. Bulls defending higher lows = underlying strength intact.

Upside Outlook:
Break above $3,380 Next target: $3,395
Sustained momentum above $3,395 = bullish continuation

Downside Risk:

• Initial support at $3,345, deeper at $3,334
• Break below $3,334 = watch the trendline; may lead to a bigger pullback

Strategy:
Look to buy dips near $3,345 / $3,334
Stop-loss below trendline
Add longs if breakout confirmed above $3,380

Key Levels:
Current: $3,365
R2: $3,395, R1: $3,380
S1: $3,345, S2: $3,334

Still in consolidation, but trendline support keeps bulls in control. Watch for breakout moves!

[julianreeds]

Daily Analysis: Gold (XAU/USD)

• Due to a bullish correction in the US Dollar, currently, gold is showing minor bearish retracements
• Prices are currently hovering around 3360, below the fib level 0.786 (3363).
• But the metal remains above the ascending trend line

Projections

• Based on ultra-weak labor data, including ADP Private Payroll & Jobless Claims, and projected weaker NFP data signaling softening of the labor market.
• A soft labor market will weigh on Dollar rates, which will make gold cheaper in dollar terms
• Cheaper gold will increase its demand, and prices might shoot higher

Important Levels

• If prices further rise and sustain above 3400, then the next crucial resistance lies at 3435, with an immediate upside hurdle zone between 3410-3415

Alternative Scenario

• If prices continue to fall, & breach the ascending trendline, then immediate support lies at 3333 with far support at 3315 (fib level 0.618 & confluence with the Demand Order Block)

[julianreeds]

Gold witnessed a sharp decline on Friday following a stronger-than-expected U.S. jobs report, which reduced expectations of imminent Federal Reserve rate cuts.
Adding to the downward pressure, optimism surrounding renewed U.S.-China trade talks has improved overall market sentiment, limiting demand for safe-haven assets like gold.

Today, the metal found support at $3,290, where buyers stepped in near the ascending trendline. Currently, gold is trading at $3,314, showing signs of a potential pullback from this support area.

Outlook
On the Upside:
A breakout above the $3,325–$3,327 resistance zone may trigger a short-term bullish move. If bulls manage to clear this barrier decisively, the next upside target could be $3,345 and potentially toward $3,365.

On the Downside:
The $3,290 level is acting as critical support. A breakdown below this zone may invalidate the current pullback and open the door for a deeper decline toward $3,250, exposing further downside risks.

Trend
The short-term trend remains cautiously bullish while price stays above the $3,290 support and the rising trendline. However, failure to sustain above this area would shift momentum in favor of sellers.

Strategy
Traders may look to:
Buy on dips near $3,290, placing stops just below the trendline. Consider adding long positions if price breaks above $3,327, targeting $3,345–$3,365. If price fails to hold $3,290, avoid longs and look for short opportunities toward $3,250.

Key Levels
Resistance (R2): $3,365
Resistance (R1): $3,327
Support (S1): $3,290
Support (S2): $3,250

[julianreeds]

The primary trend of DXY is bearish.
And on the 4-hour chart, the index is trending within a descending wedge pattern.
Indicators are also trending in the selling zone - Prices below the middle band, & RSI below the mid-50 level.

Data Interpretation

• Apart from that US is witnessing a softening labor market through (1.) Sharp decline in ADP Private Payrolls, & (2.) And a substantial rise in jobless claims figures

• The NFP data (pending today) is also showcasing weaker projections, and rising Unemployment Rate will weaken dollar rates or DXY

Important Levels

• The prices might rise initially till 98.90 to 99.05, but eventually it will start to decline or continue the bearish trend.
• The immediate support will be 98.75 and far at 98.50

[julianreeds]

Analysis
Bitcoin has recently broken out above a descending structure and is currently consolidating above the $108,800 support zone. The price is maintaining an upward trendline and remains supported by the mid-line of the Bollinger Bands. Buyers are attempting to hold above the $108,000–$106,600 support confluence.

Outlook

• On the Upside

A sustained move above $108,987 could trigger bullish momentum toward the next resistance levels at $110,625 and potentially $112,023. A clean breakout above $112,023 would open doors for further gains in the short term.

• On the Downside

Immediate support lies at $108,791 and then at the dynamic trendline near $106,625. A breakdown below this trendline and $106,625 support could expose Bitcoin to further losses toward $105,035 and even $103,000 in a deeper pullback.

Trend
The short-term trend remains bullish above the rising trendline and the $106,625 level. However, a break below this level could shift the structure to neutral or mildly bearish. Price action suggests potential for a continuation of the uptrend if bulls defend support.

Strategy
Buy on dips strategy favored above $106,625 with potential entries near $108,800 and $106,700.
Stops can be placed below $105,000.
Confirmation of a breakout above $110,625 could invite momentum buyers to target $112,000+.

Key Levels

• Resistance (R2): $112,023
• Resistance (R1): $110,625
• Current Price: $109,454 (as I write this)
• Support (S1): $108,791
• Support (S2): $106,625 (Trendline)
• Support (S3): $105,035
  
  

[julianreeds]

Gold (XAU/USD)

• Due to an expected bearish momentum in the US Dollar, gold might witness a bullish pullback.
• Prices are currently hovering around 3317.25, after fully testing the Demand Order Block, as projected earlier.
• Now, if prices rise above 3320 and survive higher, then immediate resistance will be 3333.
• Above, 3333, the next hurdle is visible between 3350-3355
  
  

Alternative Scenario:

• However, if prices fail to sustain above the demand order block (above 3320), then it might again fall towards the lower range of the block at 3301
• And below 3300, the next support will be near 3280-3278 (fib level 0.5)

[julianreeds]

Accurate DXY Tuesday’s Predictions

• Prices while writing the morning analysis = 98.15, trending within the descending channel
• Projections: Bullish momentum with immediate resistance at 98.35 & far resistance at 98.75

Result

• The index breached the descending channel formation to test the mentioned resistance levels, making highs of 98.85 during the early Asian session on Wednesday.
• DXY is currently hovering near 98.65