Energies
market news summary
European stock indices ended the trading session on June 5 with losses as energy and oil companies pared their gains. At the close of the session, the STOXX600 index declined by approximately 0.48% to 459 points.
The German DAX index also dropped by 0.54%, reaching 15,963 points, while the UK’s FTSE index decreased by 0.1% to 7,599 points. Similarly, the French CAC index finished the session down by around 0.96% at 7,200 points. According to Fedwatch data, the probability of a 25 basis point interest rate hike reached approximately 25%, compared to a 75% probability of rates remaining unchanged.
Dollar Index (USDX)
The dollar index declined immediately after the release of the ISM Services PMI data, which was contrary to expert expectations. The data indicates that the economy is contracting as the Federal Reserve desires. This led to a decline in the US dollar after it had been rising prior to the release.
The dollar index is recording a decrease of 0.05% to 103.910 points.
Pivot point: 104.00
| Resistance level | Support level |
| 104.20 | 103.70 |
| 104.50 | 103.55 |
| 104.70 | 103.25 |
Spot Gold (XAUUSD)
Gold prices stabilized in early Asian trading on Tuesday, June 6th, after US services sector data boosted hopes that the Federal Reserve would refrain from tightening its monetary policy this month.
Spot gold remained unchanged at $1,961.09 per ounce, while US gold futures rose 0.2% to $1,977.30.
Meanwhile, the yield on 10-year Treasury bonds declined to 3.683%.
Pivot point: 1954
| Resistance level | Support level |
| 1971 | 1945 |
| 1980 | 1928 |
| 1997 | 1919 |
Dow Jones Index (DJ30ft – US30)
US indices closed collectively lower in the first session of the week, pressured by a decline in Apple’s stock following the announcement of new products at the developers’ conference, in addition to anticipation of the Federal Reserve’s decision on interest rates later this month.
The Dow Jones index declined by approximately 0.63%, equivalent to 200 points, in Monday’s session, while the S&P 500 index dropped around 0.2% from its 9-month high.
Similarly, the Nasdaq index retreated from its 13-month high, decreasing by approximately 0.1% in Monday’s session.
Pivot point: 33,700
| Resistance level | Support level |
| 33805 | 33510 |
| 33995 | 33405 |
| 34095 | 33215 |
US Crude (USOUSD)
Oil prices declined on Tuesday, June 6, giving up most of the gains from the previous session following Saudi Arabia’s announcement, the world’s largest oil exporter, of its intention to increase production cuts.
Brent crude futures dropped by 23 cents or 0.3% to $76.48 per barrel, while West Texas Intermediate (WTI) crude lost 25 cents or 0.4% to reach $71.90 per barrel.
Pivot point: 72.85
| Resistance level | Support level |
| 74.05 | 70.70 |
| 76.20 | 69.55 |
| 77.35 | 67.40 |
Risk Warning
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.
Tags
Open Live Account
Please enter a valid country
No results found
No results found
Please enter a valid email
Please enter a valid verification code
1. 8-16 characters + numbers (0-9) 2. blend of letters (A-Z, a-z) 3. special characters (e.g, !a#S%^&)
Please enter the correct format
Please tick the checkbox to proceed
Please tick the checkbox to proceed
Important Notice
STARTRADER does not accept any applications from Australian residents.
To comply with regulatory requirements, clicking the button will redirect you to the STARTRADER website operated by STARTRADER PRIME GLOBAL PTY LTD (ABN 65 156 005 668), an authorized Australian Financial Services Licence holder (AFSL no. 421210) regulated by the Australian Securities and Investments Commission.
CONTINUEImportant Notice for Residents of the United Arab Emirates
In alignment with local regulatory requirements, individuals residing in the United Arab Emirates are requested to proceed via our dedicated regional platform at startrader.ae, which is operated by STARTRADER Global Financial Consultation & Financial Analysis L.L.C.. This entity is licensed by the UAE Securities and Commodities Authority (SCA) under License No. 20200000241, and is authorised to introduce financial services and promote financial products in the UAE.
Please click the "Continue" button below to be redirected.
CONTINUEError! Please try again.
