Gold retraces most of the bearish move but was unable to maintain above the 2045 level. Price fell back to last week low where price found support at the 2007 region. Price looks to consolidate between 2007 and 2025. A breakout of the 2007 support region can potentially push price more towards the downside, possibly towards 1985 support region.
The United States Dollar Index broke out towards the upside, invalidating both the descending trend line and the daily 50 exponential moving average (EMA). Price is met with resistance level at 102.75 which can push price back towards 101.54. However, if the resistance is broken through, we may see the Dollar push towards the 104.085 region.
The S&P500 continues to trade in consolidation with no clear sense of direction. Upside bias remains as we are trading near key resistance region at 4180, potentially waiting for a breakout towards the upside.
As mentioned in our previous posts, breakout of the 2025 resistance region can push price towards the 2080 resistance region. However price fell back to the range. In this new scenario, if price were to break above the 2038 region, price can push towards 2100 while if price falls below 1985, price can descend towards 1942 region.
The United States Dollar Index attempts to push above the descending trend line but failed miserably as price reverses back below it. If price were to break below the 100.69 region, price can potentially descending towards the 99.365 region.
The S&P500 index continues to trade sideways and below key resistance level. However, upside bias still remains as price trades above 4100 and is trading above the 50 daily EMA. A downside breakout of the 4050 support region can potentially push price towards 3915.
Gold continues to trade within the range between 1985 and 2025 region. Short term trend can only be identified when price breaks out of the range and would likely be this week due to the upcoming FOMC.
The United States Dollar Index ascends towards the descending trend line but quickly reverses from it. The Dollar remains weak as long as price is below the descending trend line and long set up can only be considered when price breaks above the 102.75 region.
The S&P500 struggles earlier on the week but reverses from the support region at 4100 region. Bias for equities remains bullish and if broke out of the 4180 region towards 4300 while if price dipped below 4100 can push price towards 4050.
Gold trades in consolidation between the 1985 and 2025 region throughout the week. A breakout of the 2025 resistance region can push price towards 2080 while a breakout of the 1980 support region can push price towards the 1942.
The United States Dollar Index trades sideways throughout the week, looking for the next impactful factor to determine the next short term trend. Bearish bias remains as price trades below the descending trend line. Bullish bias can only be considered when price breaks out of the 102.75 region. Dollar seem to await for the upcoming FOMC, before beginning of the...
The S&P500 index continues to struggles at the resistance region. We maintain the stance that the breakout of the 4180 resistance region can potentially push price towards the 4300 recent high region. However any downside breakout of the 4100 region can potentially drag price towards the 4050 support region.
Gold extends further towards the upside but fall towards to the ascending trend line later on the week. Upside bias remains unless price breaks below the 2000 region which can potentially drag price towards the neckline support at 1940 region.
The United States Dollar Index dipped towards the recent low support but managed to close the week above. A breakout of the 100.69 support can drag the Dollar towards the 99.365 region. Any short term shift in trend can only be confirmed if price managed to break above the 102.75 resistance region.
Price reached the breakout target at 4180 level as mentioned since Week 13. A breakout of the 4180 resistance region can potentially push price towards the 4300 recent high region. However any downside breakout of the 4100 region can potentially drag price towards the 4050 support region.
Gold broke out of the resistance zone at 2000 region towards the 2040 resistance region which we identified last week. We have adjusted the direction of the break out where price can potentially fall back to the now 2000 support region before extending to the high of the range at 2080 region. As of now, any short opportunity should only be considered when price...
The United States Dollar Index approached the key support region but managed to trade above on the later day of the week. The Dollar may continue to consolidate between 101.49 to 102.75 region. Dollar upside can only be considered when 102.75 resistance region is breached.
The S&P500 remains on track to approach the 4180 region. However, as price has retraced before reaching the target, the possibility of price being overextended that we mentioned last week is now eliminated. A breakout confirmation of the 4180 resistance region can push price towards the upside.