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Market News Topics
September 15, 2022 09:55 GMT
Price Signal Summary - Gold Bears Remain In The Driver’s Seat
OUTLOOK
- In the equity space, S&P E-Minis remain vulnerable. The sharp sell-off Tuesday, threatens the recent recovery. Attention is on the key short-term support at 3900.00, Sep 7 low and a bear trigger. A break would strengthen a bearish case and signal scope for deeper pullback. Tuesday’s high of 4175.00 represents an important near-term resistance. EUROSTOXX 50 futures faced strong resistance on Tuesday. The sharp move lower threatens the recent short-term recovery and signals the end of what has likely been a corrective cycle. A deeper pullback would refocus attention on a key short-term support at 3429.00, the Sep 5 low. Tuesday’s high of 3685.00 is the short-term bull trigger.
- In FX, EURUSD traded sharply lower Tuesday and remains inside its bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0122 and is a key resistance. A close above this level would highlight a channel breakout. For bears, an extension lower would expose the bear trigger at 0.9864, the Sep 6 low. GBPUSD reversed lower Tuesday, reinforcing bearish conditions and signalling the end of the recent corrective bounce. Key support at 1.1412, Mar 20 2020 low, has recently been pierced. A clear break would strengthen bearish conditions and resume the broader downtrend. Initial resistance is at Tuesday’s high of 1.1738. USDJPY key short-term resistance at 144.99, Sep 7 high, remains intact - for now. The trend outlook is bullish and a break of 144.99 would confirm a resumption of the uptrend. This would open 145.28 and 146.03, the 2.618 and 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial firm support is at 141.51, Sep 9 low. A strong support also lies at the 20-day EMA, at 140.48.
- On the commodity front, Gold remains in a downtrend and has traded lower today. The focus is on $1681.0, the Jul 21 low and a key bear trigger. A break would confirm a resumption of the broader downtrend. Initial firm resistance is at $1735.1, Monday’s high. In the Oil space, WTI futures continue to trade closer to recent highs. The latest recovery is considered corrective and a bearish threat remains present following the sharp sell-off between Aug 30 - Sep 8. Firm resistance is seen at $91.71, the 50-day EMA. A reversal lower would refocus attention on $81.20, the Sep 8 low and bear trigger.
- In the FI space, Bund futures remain in a clear downtrend. A bearish price sequence of lower lows and lower highs remains intact, clearly highlighting current sentiment. The focus is on the 142.00 handle. Gilts remain vulnerable and touched a fresh trend low of 104.47 yesterday. Attention is on 103.87, 2.00 projection of the Aug 22 - 24 - 26 price swing.
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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