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Price Signal Summary - Gold Bears Eye The Bull Channel Base

MARKET INSIGHT
  • In the equity space, the S&P E-minis remain vulnerable following the sharp sell-off this week from just above 4800.00. Price has traded below the 20-day EMA and attention is on the 50-day EMA that intersects at 4647.00. A clear break of it would signal scope for a deeper pullback. A bearish threat remains present in EUROSTOXX 50 futures. From a technical standpoint, the recent pullback is considered corrective. Initial support is seen at 4255.20, the 20-day EMA.
  • In FX, EURUSD is still trading sideways and below resistance at 1.1383/86, the Nov 30 and Dec 31 high. Support to watch lies at 1.1222, Dec 15 low ahead of the bear trigger at 1.1185, Jul 1, 2020. GBPUSD remains in an uptrend and above its 50-day EMA - the recent breach of this average reinforced bullish conditions. The focus is on 1.3607 next, the Nov 9 high. Support to watch is at 1.3429, the 20-day EMA. USDJPY remains in an uptrend following the break of key resistance at 115.52, Nov 24 high. The break confirms a resumption of the uptrend, and opens 117.08 next, 2.00 projection of Apr 23 - Jul 2 - Aug 4 price swing.
  • On the commodity front, Gold traded lower yesterday. The move reinforces the potential importance of Monday’s engulfing candle pattern and a bearish reversal signal. Attention is on the base of a bull channel drawn from the Aug 9 low, at $1782.3. A break would strengthen a bearish case and open $1753.7, Dec 15 low. WTI futures remain in an uptrend. Scope is seen for a climb towards $81.73, Nov 10 high.
  • In the FI space, Bund futures remain bearish and the contract is trading near its recent lows. The focus is on 169.34, Oct 29 low. Gilts remain in a downtrend. The contract has this week cleared support at 124.17, Nov 24 low. The focus is the 123.00 handle.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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