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Price Signal Summary - Gold Cracks $1,900

MARKET INSIGHT
  • In the equity space, S&P E-minis maintain a firmer tone having cleared resistance at 4185.00, May 21 high. The focus is on 4238.25, May 10 high. Key trend support lies at 4029.25, May 13 low. EUROSTOXX 50 futures have traded higher too this week and have breached 4036.00, May 10 high. The climb confirms a resumption of the uptrend and opens 4099.00,1.00 projection of the Mar - Jul - Oct 2020 price swing.
  • In the FX space, EURUSD maintains a bullish tone. The pair has cleared 1.2245 with sights set on 1.2285 next, Jan 8 high. GBPUSD is trading closer to recent highs and remains bullish. The focus is on 1.4237, Feb 24 high and this year's high print. A break would confirm a resumption of the broader uptrend. USDJPY support is unchanged at 108.34, May 7 low. A bullish theme holds while this support remains intact and attention is on 109.79, May 13 high. A break of 108.34 however would highlight a trendline break drawn off the Jan 6 low and risk a deeper pullback.
  • On the commodity front, Gold has broken higher, cementing the bullish theme. The yellow metal has topped $1,900 this morning and is narrowing in on next resistance at the Jan 8 high of $1917.6. There are some signs that markets could be overbought, however, with the 14-day RSI now at its highest level since August last year. Oil contracts have recovered from recent lows and are holding onto this week's highs. Brent (N1) key resistance is at $70.24, May 18 high and this marks the bull trigger. WTI (N1) bulls are eyeing $67.02, May 18 high.
  • Within FI, Bunds (M1) continue to climb and are through the 20-day EMA. The next resistance is the 170.49, 50-day EMA. Gilts (M1) are firmer too as the correction higher extends. Key resistance is 128.80, May 7 high.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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