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Price Signal Summary - Gold Focus Turns to 50-day EMA

MARKET INSIGHT
  • Despite today’s pullback, S&P E-Minis continue to trade closer to recent highs. The contract traded higher again Monday, reinforcing bullish conditions and this maintains the current bullish price sequence of higher highs and higher lows. Potential is for a climb towards 4204.75 next, the May 31 high and the next key resistance. EUROSTOXX 50 futures trend conditions remain bullish following last week’s gains. The contract has pierced the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40. A clear breach of this chart point would signal scope for a climb towards 3774.00 next, Jun 9 high.
  • EURUSD traded higher again initially Tuesday and above resistance at 1.0278, the Jul 21 high. A clear break here would once again resume short-term bullish conditions and signal scope for an extension higher within the bull channel - the top intersects at 1.0406. USDJPY is trading lower again today and the move has resulted in a break of support at 131.50, the Jun 16 low. This strengthens current bearish conditions that were confirmed last week, following the break of support at 135.50, the base of a bull channel drawn from the Mar 4 low. AUDUSD traded higher Monday, but has since faced resistance and is trading lower to sit below Monday’s low. The short-term outlook remains bullish and for now, the pullback is considered corrective.
  • Gold maintains a firmer tone and has traded higher. Current gains are considered corrective and attention is on resistance at the 50-day EMA, at $1784.80. WTI futures traded sharply lower yesterday. The contract has recently failed to clear the key resistance around the 50-day EMA - the average intersects at $100.49. Price has also pierced support at $93.01, the Jul 25 low.
  • Bund futures maintain a bullish tone and last week’s gains reinforce current conditions. The contract is also trading higher this week. Fresh gains confirm a resumption of the uptrend and the break higher maintains the bullish price sequence of higher highs and higher lows. The S/T outlook in Gilt futures remains bullish and fresh highs last week reinforce this set-up. The contract traded higher Monday, starting the week on a firm note. Continued gains highlight an extension of the recent break of resistance at 117.09, Jul 6 high.
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