GOLD TECHNICAL ANALYSIS
The gold price remains near the middle of its almost 5-month range between 1885 and 2062. It also lies close to the 10-, 21-, 34-, 100-day simple moving averages (SMA) which may imply a lack of directional confidence in the gold market.
The lower bound of the range could see notable support lie in the 1885 – 1895 area.
In that zone, there are a couple of prior lows, a breakpoint, the 200-day SMA and the 38.2% Fibonacci Retracement level of the move from 1614 up to 2062.
Further down the 50% Fibonacci Retracement at 1838 might lend support.
The gold price remains near the middle of its almost 5-month range between 1885 and 2062. It also lies close to the 10-, 21-, 34-, 100-day simple moving averages (SMA) which may imply a lack of directional confidence in the gold market.
The lower bound of the range could see notable support lie in the 1885 – 1895 area.
In that zone, there are a couple of prior lows, a breakpoint, the 200-day SMA and the 38.2% Fibonacci Retracement level of the move from 1614 up to 2062.
Further down the 50% Fibonacci Retracement at 1838 might lend support.
S&P 500 TECHNICAL OUTLOOK
Despite Tuesday's minor decline, the S&P 500 remains in close proximity to a critical technical resistance level near 4,635, where this year’s peak aligns with the March 2022 highs and the upper boundary of a short-term rising channel. If buyers manage to push the index above ceiling, upside impetus could gather pace, paving the way for a possible retest of the all-time highs. In contrast, if sellers regain control of the market and trigger a bearish reversal, initial support rests at 4,555, and 4,500 thereafter. On further weakness, we could see a slide towards 4,415.
Despite Tuesday's minor decline, the S&P 500 remains in close proximity to a critical technical resistance level near 4,635, where this year’s peak aligns with the March 2022 highs and the upper boundary of a short-term rising channel. If buyers manage to push the index above ceiling, upside impetus could gather pace, paving the way for a possible retest of the all-time highs. In contrast, if sellers regain control of the market and trigger a bearish reversal, initial support rests at 4,555, and 4,500 thereafter. On further weakness, we could see a slide towards 4,415.
On the daily chart, gold continues to make downside progress after breaking below the rising support line from February. This has continued to mark a meaningful shift away from what was the dominant uptrend between the end of last year and up until early April. With that in mind, the technical landscape is appearing increasingly bearish.
Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April (solid red line). This could hold as resistance, maintaining the near-term downside focus
Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April (solid red line). This could hold as resistance, maintaining the near-term downside focus
US Dollar price action in the green against nearly every major G10 currency.
Traders will be hearing from both Lagarde and Powell this Friday.
US Dollar Index strengthens sharply during European trading hours
Traders will be hearing from both Lagarde and Powell this Friday.
US Dollar Index strengthens sharply during European trading hours