06/09 Market report

【Dow Jones】

The Philadelphia Semiconductor Index, which is dominated by technology stocks, plunged 73.86 points (2.39%) to close at 3,019.10 points. Chipmaker Intel plunged 5.3 percent, dragging the fee down by half.

Citibank revised Intel's outlook for the second time in a week. Citi pointed out that the current outlook for personal computer (PC) demand is unclear and predicts that Intel may issue a profit warning. They predict that the profit this quarter may be less than expected. Other chip stocks fell in tandem.

As can be seen in the daily technical line of the Dow Jones Index, the current price is oscillating in a range. Alligator shows a death cross while the KD shows a golden cross. This indicates that there are contradictions in the short term and long term. The trend should depend on which direction it breaks through first.

USA30-D1

Resistance point 1: 33200 / Resistance point 2: 33800 / Resistance point 3: 34200

Support point 1: 32500 / support point 2: 32000 / support point 3: 31500

【EUR】

The euro edged up 0.09% against the US dollar to $1.0715. The European Central Bank will announce their interest rate decision before the US stock market on Thursday (9th June). The market expects the central bank to announce the end of the bond purchase program and raise interest rates from July.

With eurozone inflation data still hot, there has been a huge discussion on a 50-basis point hike in recent weeks.

ING's report pointed out that if the ECB does not release its openness to a 50-basis point rate hike at this meeting, it may not be able to meet the hawkish expectations of the market. This would leave the euro at risk of a sharp fall and approach $1.05.

Technical indicators shows that the Alligator is a golden cross while the KD has also appeared in the golden cross territory. This shows that although the price has been consolidating for a period of time, the buyer's strength has the advantage.

EURUSD-D1

Resistance point 1: 1.07500 / Resistance point 2: 1.07800 / Resistance point 3: 1.08200

Support 1: 1.06800 / Support 2: 1.06500 / Support 3: 1.06200

【Gold】

Metal Focus Ltd, a British research firm, reported that gold's price of more than $2,000 an ounce could be the high of the year as gold faces more challenges in the second half of the year. This includes a gradual slowdown in inflationary pressures and a continued tightening of monetary policy by central banks.

The report estimates that the average gold price for the whole of this year is about $1,830 per ounce which will still set a new record for the average gold price in previous years.

Gold continues to oscillate around $1850 per ounce. Alligator has begun to move into entanglement. Although the KD indicator shows a golden cross, the opening is too small and the trend is easy to reverse.

XAUUSD-D1

Resistance point 1: 1870.00 / Resistance point 2: 1880.00 / Resistance point 3: 1900.00

Support point 1: 1830.00 / support point 2: 1820.00 / support point 3: 1800.00

【Crude Oil】

The U.S. Energy Information Administration (EIA) announced on Wednesday that last weeks (3 June) U.S. crude oil inventories fell by 2 million barrels, gasoline stocks fell by 800,000 barrels, and distillate inventories increased by 2.6 million barrels.

Matt Smith, chief oil analyst at Kpler Americas, said: “Increased refining activity and strong East Coast imports are still not able to stop gasoline inventories from falling as implied demand jumps to the highest weekly record this year.”

Alligator shows a golden cross, while the KD shows a high-end figure. These indicate that the purchase of crude oil at this stage is actually very strong. At this stage, crude oil is challenging the previous wave highs. The next focus would be whether it becomes another breakthrough and the price continues to stand firm.

USOIL-D1

Resistance point 1: 124.800 / Resistance point 2: 126.500 / Resistance point 3: 128.200

Support 1: 120.500 / Support 2: 118.200 / Support 3: 116.800

OnePro Special Analyst

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