HY Markets Research Team
HY Markets
FX - EURO
FX - YEN
FX - SWISS FRANC
FX - STERLING
STERLING closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible nearterm. If it renews this month's decline, the 62% retracement level of 2012's rally crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
BULLION - GOLD
GOLD closed sharply lower on Thursday and the lowrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends today's decline, this month's low crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a trend change has taken place.
BULLION - SILVER
SILVER closed lower due to profit taking on Thursday and the lowrange close set the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
INDICIES - US 30
US30 Index CFD close higher on Thursday and the midrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If the Dow extends the rally off November's low, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted.
INDICIES - US 100
US 100 Index CFD closed lower due to profit taking on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends the rally off December's low, the 87% retracement level of the SeptemberNovember decline crossing is the next upside target.
INDICIES - US 500
US 500 Index CFD closed slightly higher on Thursday and the midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November's low, weekly resistance crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
ENERGY
US OIL posted an inside day with a higher close on Thursday. The midrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 75% retracement level of the SeptemberNovember decline crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.
NATURAL GAS closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish hinting that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends the aforementioned rally, the 62% retracement level crossing is the next upside target.
COMMODITIES - US COFFEE
US COFFEE CFD close lower on Thursday and the lowrange close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible nearterm. If it extends this week's decline, the reaction low crossing is the next downside target. Closes above the 10day moving average crossing would temper the bearish outlook.
The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk.
Recommended Content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.