Forex Marketz Daily Forex News – Fully Markets Update
Gold (1254.15)
Gold has fallen to a three month low as we are testing support near 1,252.50. A daily close below this level will open the doors for 1,240/1,239.80.
Should the yellow metal reverse and push higher, we need a move back above 1,260.50. If this happens, then we could retest the technical level at 1,275.50 then 1,276.70.
S&P500 (2,001.54)
The market continues to knock heads up against 2,006.50 and then at the key support level at 2,000. We are stuck in a consolidative pattern for now as we search for a reason to make a big move.
A move below the congestion area that is marked from 1,990.50 to 1,985.50, along with a daily close, will open the doors to test 1,965.50 then 1,963.90/80. A breaks above 2,006.50 is a bullish sign. The run higher would resume for a test of 2,030 then 2,033.50.
USD/JPY (¥106.265)
The dollar is now at a six year high versus the yen. Price is now above ¥106 with short term resistance lining up near ¥106.50.
A break higher from here, with a daily close, opens the doors for ¥107.00. Should we see a reversal, then a move below ¥105.40 will then test the level at ¥104.85 and lower.
We are noting negative RSI divergence. This could indicate that bullish momentum is beginning to wane. Entering long positions now might not be advisable. Also, we have no strong bearish reversal patterns showing. This means, waiting, watching and observing could be the way to go for now.
