Tuesday Market Overview
Gold prices briefly fell to $3,324 on Monday before bouncing back, supported by rising tensions in the Russia-Ukraine conflict and dip buying. It ultimately settled at $3,342.23, down just 0.5%.
Oil prices moved sideways, as the market weighed easing trade tensions against the potential for increased supply from OPEC+.
Gold Market Recap
Gold saw a volatile session Monday. After dropping to $3,324, prices rebounded quickly on escalating geopolitical risk and bargain hunting, finishing near $3,342.23, with only a slight 0.5% loss.
The US Dollar Index slid to 99.69, its lowest in four weeks, offering natural support for gold, which is priced in dollars. Adding to the bullish undertone, President Trump unexpectedly delayed his proposed 50% tariff hike on EU goods, pushing the deadline from June 1 to July 9.
While this reversal briefly cooled risk-off sentiment, EU Commission President Ursula von der Leyen said more time is needed to reach a deal—signaling the US-EU trade dispute is far from resolved.
Gold – Technical Outlook
Gold traded lower through the Asia and European sessions, pulling back from resistance at $3,356 and dipping below $3,330 to a session low near $3,324. It then rebounded in the US session, regaining ground and closing just above $3,340, forming a small bearish candle with signs of consolidation.
Gold – Today’s Strategy
Maintain a buy-on-dip approach, especially on pullbacks to key support levels.
- Resistance to watch: $3,360
- Support to watch: $3,320
Crude Oil Market Recap
Oil prices remained rangebound Monday, as markets balanced receding trade tension with the growing likelihood of a new OPEC+ output increase.
Brent crude settled nearly flat, staying below the $65 per barrel mark.
Markets reacted positively after President Trump extended the EU tariff deadline, sparking a brief global relief rally. Still, the risk of OPEC+ raising output again kept oil prices under pressure.
“Trump’s delay on EU tariffs was met with the expected response from commodities,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank.
“But the upcoming OPEC+ meeting remains a key event, especially given the risk of another major output hike.”
Crude Oil – Technical Outlook
Crude traded in a tight range between $61–$62 throughout the day. The lack of volatility reflected uncertainty, and the daily candle closed slightly lower, forming a mild consolidation pattern.
Crude Oil – Today’s Strategy
Wait for clean setups at support or resistance levels before entering trades.
- Resistance to watch: $63.5–$64.0
- Support to watch: $60.7–$61.0
Risk Disclosure
Securities, Futures, CFDs and other financial products involve high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding your initial investment could incur within a short period of time.
Please make sure you fully understand the risks of trading with the respective financial instrument before engaging in any transactions with us. You should seek independent professional advice if you do not understand the risks explained herein.
Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
The above information should not be used or considered as the basis for any trading decisions or as an invitation to engage in any transaction. Doo Prime does not guarantee the accuracy or completeness of this report and assumes no responsibility for any losses resulting from the use of this report. Do not rely on this report to replace your independent judgment. The market is risky, and investments should be made with caution.
