🌍 General Outlook
Markets closed the final week of May with mixed signals across major asset classes. The euro gained modestly against the dollar, while bitcoin experienced a slight decline. Gold prices remained elevated, reflecting ongoing investor caution, and Brent crude continued its downward trend amid concerns over increased OPEC+ production and global demand uncertainties. As we enter the first week of June, market participants will closely monitor economic indicators and geopolitical developments for further direction.
💶 EUR/USD
The EUR/USD pair ended the week at approximately 1.1348, showing resilience despite earlier volatility. Technical indicators suggest a potential test of the resistance level around 1.1525. However, a failure to break above this level could lead to a pullback towards the 1.1105 support zone. A decisive move above 1.1825 would invalidate the bearish outlook and signal further gains towards 1.2185.
₿ BTC/USD
Bitcoin closed the week near $104,580, experiencing a slight decline from the previous week's levels. The cryptocurrency remains within a bullish channel, with support around $100,565. A rebound from this level could see prices aiming for the $143,505 resistance area. Conversely, a drop below $88,605 would indicate a potential trend reversal, targeting the $78,505 zone.
🛢️ Brent Crude
Brent crude futures settled at $62.58 per barrel, continuing their downward trajectory amid increased OPEC+ output and global demand concerns. The market faces resistance near $65.85, and a failure to break above this level could lead to further declines towards the $52.65 support area. A break above $72.05 would challenge the bearish outlook and suggest a recovery towards $78.45.
🥇 XAU/USD
Gold prices closed the week at $3,289 per ounce, maintaining strength amid market uncertainties. The precious metal faces resistance around $3,405, with support near $3,195. A break below $3,045 would signal a deeper correction towards the $2,785 area, while a move above $3,405 could pave the way for a rally towards $3,745.
📊 Conclusion
As we move into June, markets are poised for potential shifts driven by economic data releases and geopolitical events. The euro and bitcoin show signs of resilience, while gold remains a preferred safe haven. Brent crude's outlook remains bearish amid supply concerns. Traders should remain vigilant and adapt strategies accordingly in this dynamic environment.
