June 3, 2026
Oil – Rollercoaster Week Continues
WTI crude saw an intraday spike of nearly 8% after reports that Iran suspended talks with the US over Israeli attacks in Lebanon. Prices hit $93 before pulling back to $91.85 after Trump hinted a deal on the Strait of Hormuz could be reached within a week. Key support at $90.00, resistance at $93.86 (38.2% Fibonacci). High volatility is expected to persist.
Gold – Pressured by Strong Dollar and Rate Expectations
Gold fell to $4,447 earlier in the week then rebounded to $4,485. Strong US ISM manufacturing data boosted the dollar, while rising oil prices reinforced expectations of Fed rate hikes. Support levels: $4,450 (pivot), $4,425, $4,411 (200‑day MA). Resistance: $4,546, $4,580 (20‑day MA). Friday's Nonfarm Payrolls will be key.
Dollar Index – Steady Above 99
DXY is trading near 99.20, supported by safe‑haven demand and stalled Iran talks. Support at 98.79 (Bollinger middle) and 98.58 (200‑day MA). Resistance at 99.71 and 100.00. The market is awaiting Friday's US jobs report for direction.
Stock Markets – Mixed but Tech Leads
Oil – Rollercoaster Week Continues
WTI crude saw an intraday spike of nearly 8% after reports that Iran suspended talks with the US over Israeli attacks in Lebanon. Prices hit $93 before pulling back to $91.85 after Trump hinted a deal on the Strait of Hormuz could be reached within a week. Key support at $90.00, resistance at $93.86 (38.2% Fibonacci). High volatility is expected to persist.
Gold – Pressured by Strong Dollar and Rate Expectations
Gold fell to $4,447 earlier in the week then rebounded to $4,485. Strong US ISM manufacturing data boosted the dollar, while rising oil prices reinforced expectations of Fed rate hikes. Support levels: $4,450 (pivot), $4,425, $4,411 (200‑day MA). Resistance: $4,546, $4,580 (20‑day MA). Friday's Nonfarm Payrolls will be key.
Dollar Index – Steady Above 99
DXY is trading near 99.20, supported by safe‑haven demand and stalled Iran talks. Support at 98.79 (Bollinger middle) and 98.58 (200‑day MA). Resistance at 99.71 and 100.00. The market is awaiting Friday's US jobs report for direction.
Stock Markets – Mixed but Tech Leads
- ASX200: Held near 8,724, with tech (+5%) leading. Range 8,600-8,800.
- Nikkei 225: Surged 3% to 68,738, with TOPIX breaking 4,000 for the first time.
- Hang Seng: Jumped 2.5% to 26,038, led by Tencent (+7.75%) and Meituan (+7.73%).
- USD/JPY: Testing 160.00. Japan's record ¥11.7T intervention in late April has been almost erased. Intervention risk is high.
- AUD/USD: 0.7165, supported by 50‑day MA at 0.7113. Resistance at 0.7300.
- GBP/USD: 1.3455, range‑bound. Resistance 1.3500, support 1.3400.
- EUR/USD: 1.1618, weak but above 1.1600. Resistance at 1.1675-1.1680.
- Oil: Trade with tight stops. Support $90, resistance $93.86.
- Gold: Bearish bias; watch $4,450 support.
- Dollar: Steady; NFP will decide next move.
