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Price Signal Summary - Gold Challenges The 50-Day EMA

MARKET INSIGHT
  • In the equity space, {US} S&P E-minis have recovered from yesterday's lows. Key near-term support is seen at 4271.36, the 20-day EMA. A clear breach of this average would signal scope for a deeper corrective pullback. The bull trigger is at 4353.25, the Jul 7 high. EUROSTOXX 50 (U1) futures traded lower yesterday but did find support at the session low. The contract has cleared 4015.00, Jun 21 low. The break lower strengthens a bearish case and reinforces the bearish engulfing candle reversal on Jun 21. This opens 3914.00, the May 20 low. Resistance is at 4101.50, Jul 1 high.
  • In FX, the USD outlook remains bullish. EURUSD has traded lower this week, extending the downtrend with the focus on 1.1704, Mar 31 low. Gains are considered corrective. The GBPUSD focus is on 1.3733, Jul 2 low where a break would open 1.3717, Apr 16 low. Resistance is at 1.3898, the weekly high. USDJPY remains vulnerable following this week's sell-off. The move lower has resulted in a print below the 50-day EMA at 109.88 as well as the Jun 21 low at 109.72. A resumption of weakness would expose 109.19/14, the Jun 7 low and the 100-dma.
  • On the commodity front, Gold maintains a firmer tone. Attention is on the 50-day EMA that intersects at $1814.1. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline. Brent (U1) remains vulnerable following this week's downleg. The focus is on $71.24, the Jun 17 low. Gains are considered corrective. WTI (Q1) has also cleared its 20-day EMA this week and attention turns to $69.54, Jun 17 low.
  • Within FI, Bund futures remain firm having cleared resistance at 173.16, Jun 11 high. Scope is for a climb to 174.97 next, Mar 3 high (cont). Gilt futures remain bullish despite the pullback from Thursday's high. Futures have topped key resistance at 128.39, Jun 11 high, strengthening the current bullish case. Attention is on 129.99, the Feb 24 high (cont).
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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