June 4, 2026
Oil – Geopolitical Risk Remains High
WTI crude is trading near $90.50, supported by ongoing US-Iran tensions. Talks remain stalled over Iran's nuclear program and control of the Strait of Hormuz. Any sign of a deal could send oil lower quickly, but for now, supply fears keep a floor under prices. Technical support at $85.41-85.00, resistance at $92.00-91.74 (9-day MA). A break above $92 could target $94.74 (50-day MA).
Gold – Under Pressure from Strong Dollar
Gold is trading near $4,470. The stronger dollar and higher rate expectations continue to weigh. Support at $4,450 (pivot), $4,425, and $4,411 (200-day MA). Resistance at $4,585 (20-day MA) and $4,628 (50-day MA). A break below $4,450 could open $4,411.
Dollar Index (DXY) – Awaiting Friday's Payrolls
DXY is hovering near 99.00-99.30. Yesterday's ADP came in slightly above expectations, reinforcing the Fed's hawkish stance. Support at 98.79-98.58, resistance at 99.71-100.00. Friday's Nonfarm Payrolls will be the key event.
Today's Data
Oil – Geopolitical Risk Remains High
WTI crude is trading near $90.50, supported by ongoing US-Iran tensions. Talks remain stalled over Iran's nuclear program and control of the Strait of Hormuz. Any sign of a deal could send oil lower quickly, but for now, supply fears keep a floor under prices. Technical support at $85.41-85.00, resistance at $92.00-91.74 (9-day MA). A break above $92 could target $94.74 (50-day MA).
Gold – Under Pressure from Strong Dollar
Gold is trading near $4,470. The stronger dollar and higher rate expectations continue to weigh. Support at $4,450 (pivot), $4,425, and $4,411 (200-day MA). Resistance at $4,585 (20-day MA) and $4,628 (50-day MA). A break below $4,450 could open $4,411.
Dollar Index (DXY) – Awaiting Friday's Payrolls
DXY is hovering near 99.00-99.30. Yesterday's ADP came in slightly above expectations, reinforcing the Fed's hawkish stance. Support at 98.79-98.58, resistance at 99.71-100.00. Friday's Nonfarm Payrolls will be the key event.
Today's Data
- US Initial Jobless Claims (23:30 GMT) – forecast 215k
- US Trade Balance (Apr)
- Fed speakers – more clues on policy
- Oil: Bullish above $90, but vulnerable to headlines. Use tight stops.
- Gold: Bearish bias; watch $4,450 support.
- Dollar: Steady; jobs data will decide next move.
