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Price Signal Summary - Gold Remains Fragile

MARKET INSIGHT
  • Gold prices remain fragile after Monday's spiral lower, with markets taking out all nearby support levels to print multi-month lows of $1690.6. The pull lower found some support at the 61.8% retracement of the 2020 range, but the recovery off the low will have emboldened bulls. To reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement.
  • S&P E-minis outlook is bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have confirmed a resumption of the uptrend and signal scope for a continuation near-term. EUROSTOXX 50 futures continue to press onwards, extending the winning streak to five consecutive sessions of higher highs. The breach of this level places on hold the previously bearish outlook and instead signals scope for a stronger move higher.
  • In FX, EURUSD printed a lower low Monday, extending the downtick from Monday's sell-off. This puts the pair below the July 21 low of 1.1752, opening scope for losses toward levels not seen since April/March. GBPUSD traded lower into the Friday close, fading off key resistance. This puts the pair further below the 50-day EMA at 1.3890 which represents the key upside level. USDJPY initially extended lower mid-last week, but has rallied since, rising back above the 110.00 handle. This works against the previously bearish theme, with markets now focusing on the Jul23 high at 110.59 initially ahead of 110.70.
  • Within FI, the winning streak in Bund futures concluded Friday, with bond markets globally edging lower. This ends the winning streak of 8 consecutive sessions of higher highs, although the outlook holds bullish. Any return higher targets 177.69, a Fibonacci extension.
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