Profit taking at the end of the month, metals correct sharply

Frank Walbaum FX Strategies.Asia

Important news for the day

Tue, 30th, 03:30 CET CN Manufacturing PMI.
Tue, 30th, 06:30 CET AU Interest rate decision.
Tue, 30th, 16:00 CEt US JOLTS job opennings.

Profit taking in focus

The last trading day of the month might offer profit taking in markets. We can observe the prices of Gold and Silver heading lower. Also the oil market shows signs of weakness as geopolitical tensions might ease slightly whereas the long term outlook as per technical indicators remains weak. In general, markets might remain slightly positive as the weakness of the Dollar seems to fade. Especially since the interest rate decision of Australia this morning caused the Ausi to gear up some steam. A potential chance to end the war in Gaza might also help.

Market talk

Markets mostly remain in a sideways pattern, as investors weigh their bets due to the upcoming news events this week. The Dollar shows some signs of weakness, which might help indices moving higher again. Yet, the crypto market remains under pressure. Despite some upside yesterday, most tokens pushed lower again. The bearish trend in the oil markets might continue, especially if we see some weaker momentum in equities potentially driven by less demand. The DAX holds up well and the strong support zone at 23.500 seems to hold. This might indicate more upside momentum medium term.

Tendencies in the markets

Equities sideways, USD sideways, BTC negative, ETH weaker, oil weaker, Silver correcting, Gold correcting, JPY weaker.

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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