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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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  • RES 4: $1875.7 - High Jan 29
  • RES 3: $1855.5 - High Feb 10
  • RES 2: $1851.5 - 61.8% retracement of the Jan 6 - Mar 8 sell-off
  • RES 1: $1843.4 - High Feb 12
  • PRICE: $1838.0 @ 07:17 BST May 10
  • SUP 1: $1799.1 - High May 4 and a recent breakout level
  • SUP 2: $1779.9 - 20-day EMA
  • SUP 3: $1756.2 - Low Apr 29 and key near-term support
  • SUP 4: $1734.5 - Low Apr 15

Gold rallied last week and cleared resistance at $1797.9, Apr 22 high. The gains confirm a resumption of the uptrend that started early March where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8. The move higher paves the way for a climb towards $1851.5, the 61.8% retracement of the Jan 6 - Mar 8 sell-off. On the downside, key support is unchanged at $1756.2.