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Gold Slip Unnerves Bulls

MARKET INSIGHT
  • Fragile and illiquid conditions in precious metals markets saw Gold prices spiral lower in early Asia-Pac trade, with markets taking out all nearby support levels to print multi-month lows of $1690.6. The pull lower found some support at the 61.8% retracement of the 2020 range, and the recovery off the low will have emboldened bulls. To reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement.
  • S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. EUROSTOXX 50 futures continue to trade firmly, edging higher still to touch fresh contract highs. This follows the recent print above a key near-term resistance at 4101.50, Jul 1 high. The breach of this level places on hold the previously bearish outlook.
  • In FX, EURUSD finished Friday sharply lower amid broad USD strength. This puts the bear trigger at the July 21 low of 1.1752 under further pressure and will be a focus headed into the new week. GBPUSD traded lower into the Friday close, fading off key resistance again last week. This puts the pair below the 50-day EMA at 1.3890 which represents key resistance. USDJPY initially extended lower mid-last week, but has rallied since, rising back above the 110.00 handle. This works against the previously bearish theme, with markets now focusing on the Jul23 high at 110.59.
  • Within FI, The winning streak in Bund futures concluded Friday, with bond markets globally edging lower. This ends the winning streak of 8 consecutive sessions of higher highs, although the outlook holds bullish.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeEmerging Market NewsTopicsSilver Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeEmerging Market NewsTopicsSilver Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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