Daily Technical Analysis Jun 11th 2024

1. Gold Analysis:
News Summary:
A series of blows have pushed gold prices into troughs, but there is still room for prices to fall. This comes after data from the People's Bank of China showed the central bank bought no gold last month, ending a record 18-month buying spree. Subsequently, the US nonfarm payroll data for May showed 272,000 new jobs, significantly exceeding expectations. Meanwhile, wages rose 0.4%, also beating expectations. This series of disappointing news caused the price of gold to drop nearly $80.

Trend Analysis:
We can see gold H4 level fluctuated and fell back and ran below the 48 hours moving average. In addition, the MACD double line and the energy column shrank upward below the zero axis. The buy limit could be placed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [2270]
Key Resistance Levels: [2330]
Pivot Points [2287]

2. Crude Oil Analysis:

News Summary:
Crude oil prices rose sharply on Monday on expectations of increased fuel demand during the summer driving season. Institutions have different views on future oil price trends. However, bearish sentiment still dominates the oil market, resulting in a significant reduction in net long positions in crude oil, which fell by more than 102,000 contracts to 5,678 contracts. The agency pointed out that the current long position of the international benchmark is at the lowest level since 2014.

Trend Analysis:

We can see crude oil continues to break upward and gradually moves away from the 48 hours moving average. On the other hand, the MACD double line and histogram bar begins to shrink near the zero axis. The sell limit could be employed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [76.20]
Key Resistance Levels: [80.00]
Pivot Points [78.50]