Crude oil prices gave back their early gains, while Asian stock markets rose. Investors welcomed signs of progress in the US-Iran diplomatic negotiations.
The rise in technology stocks pushed the MSCI Asia-Pacific Index up by 1%, while S&P 500 index futures narrowed their early losses and ended down 0.4%. Due to the agreement between the United States and Iran on a roadmap for reaching a final peace deal within 60 days, the price of gold rebounded and the price of Brent crude oil dropped by 1.3% to $79.50 per barrel. US Treasury bonds resumed spot trading after the Friday holiday and their prices fell.
The mediators, Qatar and Pakistan, stated in a joint statement: “Both sides have made encouraging progress, including the establishment of a mechanism for further technical talks.” The two sides also established communication channels to avoid accidents and misjudgments, with the aim of ensuring the safe passage of merchant ships through the Strait of Hormuz.
Boosted by the continued optimistic sentiment regarding artificial intelligence trading, markets dominated by technology stocks such as Taiwan and South Korea have once again become one of the best-performing markets in Asia. The regional technology stock sub-index rose by more than 2.5%. Nasdaq 100 index futures fell by 0.4%, having previously dropped by more than 1%.
Buy orders for artificial intelligence and semiconductor stocks also pushed up Japan’s benchmark index. In Seoul, it was reported that executives from a company under LG Group would visit Nvidia’s headquarters on Monday to discuss cooperation in the fields of physical artificial intelligence and robotics. Boosted by this news, the share prices of companies under LG Group rose significantly. The share price of LG Electronics soared by more than 12%.
Asia holds a very important position in the artificial intelligence trade or the supply chain of artificial intelligence chips. The market believes that although the Iran deal is fragile, it is not yet sufficient to trigger a significant re-pricing of geopolitical risks at this stage.
Technical analysis:
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Gold: Due to Israel’s attacks in Lebanon, the price dropped below 4150 at one point, but the US-Iran agreement did not stall. The intraday price may move towards the goal of continuing the correction and rebound. We suggest paying attention to the signals of low buying and liquidation of positions near 4175 and 4150. For detailed positions, please consult the plugin.
(15-minute chart of gold)
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NASDAQ: The blue area we alerted you about last Friday successfully completed the task of breaking through and retracing back. It rebounded to around 30500 at one point. During the day, we suggest continuing to monitor the opportunity to sweep away liquidity in the yellow area, or wait for the price to break through and stabilize at 30400/30300 before buying. For the exact position, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: The overall easing of the situation in the Middle East, as well as the hawkish stance of the Federal Reserve, have both been unfavorable for the price of crude oil. We remain committed to the strategy of taking advantage of the liquidity to buy at a lower price and then looking for opportunities to short sell. For detailed information, please consult the plugin.
(15-minute chart of crude oil)
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The key financial data and events to be focused on today:
20:30 Canada’s May Consumer Price Index
