Daily Market Lookup

• The dollar softened on Monday, while Asian currencies strengthened as encouraging comments on a potential U.S.-Iran peace deal helped spruce up risk appetite. Trading volumes were muted on account of holidays in the U.S., Hong Kong, and South Korea. But market sentiment improved after reports over the weekend flagged some progress towards a U.S.-Iran peace deal, with oil prices falling sharply on Monday. U.S. President Donald Trump said over the weekend that the U.S. and Iran had “largely negotiated” a framework agreement to end their conflict and reopen the Strait of Hormuz. Separate reports showed Iran and Pakistani mediators also flagging progress in talks. But Trump later said he was in no rush to finalize a deal. Iran also largely rejected U.S. demands to hand over its enriched uranium holdings. Despite the mixed signals, markets still cheered a potential end to the Iran war, sending oil prices sharply lower. This weighed on the dollar, as markets priced out expectations of prolonged energy-fueled inflation that could drive up interest rates later in the year. The Indian rupee’s USD/INR pair was among the best performers, falling 0.5% and pulling back sharply from record highs after Reserve Bank of India Governor Sanjay Malhotra said the rupee appeared undervalued and that the central bank will do “whatever is required” to stabilize local currency markets.
• Gold prices rose sharply in early Asian trade on Monday as developments over the weekend spurred more hopes for a U.S.-Iran peace deal. A sharp drop in the dollar and Treasury yields benefited bullion prices, while broader precious metals also rallied on Monday. U.S. President Donald Trump said over the weekend that the framework for a peace deal with Iran was “largely negotiated.” Media reports showed the potential agreement will extend the current U.S.-Iran ceasefire, and will also reopen shipping through the Strait of Hormuz, helping resupply global oil markets. But Trump later signaled no hurry to enter a deal and that a U.S. naval blockade of Iran will remain in place. Other reports showed the U.S. and Iran remaining at odds over key issues, especially Tehran’s nuclear activities. Iranian officials have largely rejected U.S. demands to hand over their holdings of enriched uranium. Still, hopes that a peace deal was close helped soothe some market concerns over energy-driven inflation stemming from the Iran war. This was a major point of pressure on gold in recent months, as markets feared that higher inflation could invite more interest rate hikes from the Federal Reserve and other major central banks.
• Oil prices fell 6% to two-week lows on Monday, as optimism grew that the United States and Iran were moving closer to a peace deal, even though they remain at odds over key issues, such as blockades on the Strait of Hormuz. On Saturday, U.S. President Donald Trump said Washington and Iran had "largely negotiated" an understanding on a peace deal that would reopen the Strait of Hormuz, which had carried a fifth of global shipments of oil and liquefied natural gas before the conflict. However, the two sides remain at odds on several difficult issues, with Trump saying on Sunday he had told his representatives not to rush into any deal with Iran. Analysts expect a return to normal oil flows through the strait will take months, while damaged oil and gas facilities are repaired. U.S. energy firms responded to higher local energy prices by adding oil and natural gas rigs for the fifth week in a row, for the first time since February 2025. The rig count, an early indicator of future output, rose by seven to 558 in the week to May 22, its highest since June 2025. Even so, Baker Hughes said the total count was still down eight rigs, or 1% below this time last year.

Gold – XAU

Gold on Friday interaday high of US$4545.61/oz and low of $4491.59/oz. God is down by 0.737% at US$4509.66/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 4565-5020 keeping stop loss closing above 5020, targeting 4530-4500-4460 and 4420-4400-4380-4364. Buy in between 4530-4320 with risk below 4320 targeting 4565-4590 and 4610-4655-4680-4710-4750.

Silver - XAG

Silver on Friday its intraday high of US77.02/oz and low of US$74.94/oz settle down by 1.422% at US$75.53/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between, 76.90-72.00 targeting 76.75-77.20-78.00 and 79.10-79.90-80.40-81.00 with stop loss should be placed on the breakage below 82.00. Sell in between 78.00-82.15 with a stop loss above 83.00 targeting 77.20-76.70-76.00-75.20-74.50 and 73.85-73.00-72.6-72.00

Oil - WTI

Crude Oil on Tuesday high of US$98.42/bbl, an intraday low of US$93.80/bbl, and settled down by 0.993% to close at US$96.06/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upsides can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 90.94-103.47 with stop loss at 104.00 targeting 89.90-89.00-87.55-86.90 and 86.00-85.10-84.00. Buy above 89.90-84.00 with risk daily closing below 84.00, targeting 90.94-92.00-93.30-93.80 and 95.30-96.00-96.60-97.30-98.00.

EUR/USD

EUR/USD on Friday made an intraday low of US$1.1587/EUR, a high of US$1.1621/EUR, and settled down by 0.113% to close at US$1.1602/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.1661), which becomes immediate support, a break below will target 1.1695. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.1650-1.1990, targeting 1.1600 and 1.1565-1.1500-1.1450-1.1410 with stop-loss at daily closing above 1.1990. Buy above 1.1610-1.1450 with risk below 1.1450 targeting 1.1690-1.750-1.1790 and 1.1810-1.1840-1.1920-1.1960.

GBP/USD

GBP/USD on Friday made a intraday low of US$1.3412/GBP, a high of US$1.3462/GBP, and settled the day down by 1.347% to close at US$1.3432/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy between 1.3440-1.3150 with a target of 1.3436-1.3500-1.3570 and 1.3600-1.3640-1.3690-1.3725 with a stop loss closing below 1.3150. Sell in between 1.3500-1.3820 with targets at 1.3490-1.3440-1.3395-1.3325-1.3275 and 1.3250-1.3190-1.3150 with a stop loss of 1.3900.

USD/JPY

USD/JPY on Friday made an intra‐day low of JPY158.80/USD an intraday high of 159.22/USD, and settled the day up by 0.174% at JPY159.20/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (152.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 159.40-163.10 with risk above 163.10 targeting 158.70-158.10-157.00 and 156.60-153.00-152.65-152.10. Long positions above 158.70-152.00 with targets of 159.40-160.00 and 160.90-161.60-162.20-162.60 with stops below 148.00.