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Price Signal Summary - All-Time High In Gold Appears Exposed

MARKET INSIGHT
  • In the equity space, the trend needle continues to point south although bearish pressure has eased for now and markets are correcting higher. S&P E-minis key support lies at 4101.75, the Feb 24 low. A break of this level would confirm a resumption of the downtrend. The 20-day EMA, at 4349.88, represents an important near-term resistance. Price has recently failed to hold above this EMA. A clear break of it would suggest scope for a stronger corrective bounce. EUROSTOXX 50 futures are trading higher today as the contract extends the recovery from 3380.00, the Mar 7 low. A continuation higher would open the 20-day EMA at 3862.20. The bear trigger is unchanged at 3380.00.
  • In FX, EURUSD remains in a downtrend and continues to appear vulnerable. Short-term gains are considered corrective. The focus is on 1.0767 next, the May 7 2020 low. GBPUSD remains weak following Monday's breach of its key near-term support at 1.3163, the Dec 8 low. The break confirms a resumption of the downtrend and opens 1.3058 next, 1.50 projection of the Jan 13 - 27 - Feb 10 price swing. Intraday gains are considered corrective. USDJPY key short-term support at 114.16, the Feb 2 low, remains intact. The USD continues to appreciate this week and attention is on the key resistance and bull trigger at 116.35, this year’s high on Jan 4.
  • On the commodity front, Gold traded higher once again on Tuesday and remains above the $2000.0 handle. Trend conditions are bullish and the focus is on $2075.5 - High Aug 7 2020 and the all-time high. Oil markets are volatile but remain in an uptrend. The next objective in WTI is $132.75, 3.618 projection of the Aug - Oct - Dec ‘21 price swing.
  • In the FI space, Bund futures continue to weaken as the contract extends the pullback from 168.67, Monday’s high. This has opened 163.19, 76.4% retracement of the Feb 10 - Mar 7 rally. A break would open the key support at 161.50, the Feb 10 low. Gilts are trading lower too and approaching 122.46, 76.4% retracement of the Feb 16 - Mar 1 rally and 122.04, the Feb 23 low.
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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