Forex Marketz Daily Forex News – Fully Markets Update
Gold (1,223.53)
The yellow metal looks like it has found a bit of a floor. We seemed to have formed a bullish reversal signal, please refer to the below daily chart, and are waiting on further confirmation with a close higher today.
A break above 1,230.00 will target the next resistance level near 1,240.50. We are noting short term support at 1,208.50 then again at 1,207.80.
S&P 500 (1,987.77)
The sellers continued their selloff in U.S. markets overnight. The S&P 500 is now at a five week low, but we should not be concerned yet as there are no reasons for an imminent selloff to occur.
Technically speaking, we have moved lower and are now testing the support neat 1,973.50. A daily close below this level will open the doors for a test of 1,960.00 then 1,958.50. Should we defend this current support level and turn higher, then we would need to close back above 1,991.50 to target the key psychological level of 2,000. Above 2,000 will test 2,003.50 and higher.
