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Price Signal Summary - Gold Clears Resistance

MARKET INSIGHT
  • In the equity space, S&P E-minis traded lower again yesterday. This week’s sell-off has resulted in a break of support at 4572.75, the Jan 10 low. This once again highlights the developing bearish risk and exposes 4520.25, the Dec 20 low (probed) and the next key support at 4485.75, Dec 3 low. EUROSTOXX 50 futures briefly probed support at 4216.50 yesterday, the Jan 10 low. This level has held for now and support has again surfaced below the 50-day EMA. Weakness below 4212.00, Jan 19 low, would trigger a resumption of bearish pressure. Key near-term resistance to watch is at 4324.50, Jan 13 high.
  • In FX, this week’s sell-off in EURUSD has resulted in a breach of the 20- and 50-day EMAs. The sell-off threatens the recent bullish theme and suggests that at this stage, last week’s range and bear channel breakout appears to have been a false one. Further weakness would expose 1.1272, the Jan 4 low. GBPUSD trend conditions remain bullish. Attention is on the 200-dma, at 1.3735. This average has been probed, a clear break would open 1.3835, Oct 20 high. Support to watch is at 1.3553, the 20-day EMA. USDJPY remains above Friday's low of 113.49. The Jan 14 doji candle pattern continues to highlight a reversal and signals the end of the recent corrective pullback. A resumption of gains would open 115.68, Jan 11 high. Sub 113.49 levels would be bearish.
  • On the commodity front, Gold traded sharply higher yesterday. This has resulted in a break of resistance at $1831.9, Jan 3 high and a bull trigger. The break reinforces bullish conditions following the recent recovery from the base of its bull channel drawn from the Aug 9, 2021 low. Attention is on $1848.0 next, 76.4% retracement of the Nov 16 - Dec 15 downleg. WTI futures remain in an uptrend and the contract traded higher once again yesterday. The focus is on $87.47, 2.00 projection of the Dec 2 - 9 - 20 price swing.
  • In the FI space, Bund futures remain vulnerable. The focus is on 168.31, the Nov 2 low (cont). Gilts remain in a downtrend. This week’s move lower has resulted in a break of former support at 122.78, Jan 10 low. This confirms a resumption of the underlying downtrend. The focus is 121.61, the Nov 13 2018 low on the continuation chart.
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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