General Outlook
The first week of June saw mixed performances across major financial markets. Toward the end of the week, the euro weakened slightly against the US dollar, while bitcoin recovered from midweek losses. Gold prices remained elevated amid safe-haven demand, and Brent crude oil prices edged higher despite concerns over increased supply. As we enter the second week of June, market participants are closely watching economic indicators and central bank signals for direction.
💶 EUR/USD
The EUR/USD pair closed at 1.1394 on Friday, 6 June, reflecting a modest decline over the week. The euro faced pressure from stronger-than-expected US economic data, which bolstered the dollar. Technical analysis suggests that the pair remains in a bullish trend, with support around 1.1105 and resistance near 1.1505. A break above 1.1505 could open the path toward 1.1775, while a drop below 1.1105 might signal a reversal toward 1.0785. Traders should monitor upcoming economic releases, particularly US inflation data, for further cues.
₿ BTC/USD
Bitcoin ended the week at $104,545, recovering from a midweek dip to around $100,373. The cryptocurrency continues to trade within a bullish channel, with support near $91,505 and resistance around $114,065. A sustained move above $114,065 could target the $137,065 area, while a break below $91,505 might lead to a decline toward $85,605. Market sentiment remains cautiously optimistic, with investors watching for regulatory developments and macroeconomic trends that could impact risk appetite.
🛢️ Brent Crude
Brent crude oil prices settled at $66.30 per barrel on Friday, marking a weekly gain of approximately 2.75%. The market is contending with conflicting forces: on one hand, OPEC+ plans to increase output by 411,000 barrels per day in July, potentially leading to oversupply; on the other hand, geopolitical tensions and robust summer demand are providing support. Technical levels to watch include resistance at $67.95 and support at $64.35. A break above $67.95 could see prices test $70.05, while a drop below $64.35 might lead to a decline toward $61.65. Investors should remain vigilant to OPEC+ announcements and global economic indicators.
🥇 XAU/USD
Gold closed trading on Friday at $3,312 per ounce, gaining 0.7% compared to the final level of the previous week. The precious metal benefited from safe-haven demand ongoing geopolitical uncertainties. Support is seen near $3,240, with resistance around $3,400. A move above $3,400 could target $3,745, while a drop below $3,240 might lead to a test of $3,150.
📌 Conclusion
The upcoming week presents a landscape of cautious optimism tempered by potential headwinds. Currency markets are sensitive to economic data releases, particularly from the US, which could influence the dollar’s strength. Bitcoin’s resilience suggests continued investor interest, though regulatory developments remain a wildcard. Oil markets are navigating the delicate balance between supply increases and demand recovery, while gold continues to attract safe-haven flows amid economic uncertainties. Traders and investors should stay attuned to economic indicators and central bank communications for signals that could impact market trajectories.
