Daily Market Report: June 18, 2021
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June 18, 2021
Gold and Oil: the Major Commodities Maintain the Bearish Trend
Last: 33,681
Pivot: 33,630
Review:
U.S. stocks were mixed after the close on Thursday, as gains in the Technology, Healthcare and Consumer Services sectors led shares higher, while losses in the Oil & Gas, Basic Materials and Financials sectors pushed them in the opposite direction. At the close in NYSE, the Dow Jones Industrial Average lost 0.62% to hit a new 1-month low, while the S&P 500 index dropped 0.04%, and the NASDAQ Composite index climbed 0.87%.
Technical comment:
The immediate trend remains up and the momentum is strong.
Preference scenario:
Long positions above 33,630 with targets at 34,145 & 34,480 in extension.
Alternative scenario:
Below 33,630, look for further downside with 33,475 & 33,340 as targets.
| Resistance | 34,145 | 34,480 | 34,735 |
| Support | 3,340 | 33,475 | 33,630 |
Last: 1.2356
Pivot: 1.2328
Review:
USD/CAD is testing the resistance level at 1.2350.
Technical comment:
The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2341 and 1.2304).
Preference scenario:
As long as 1.2328 is support, look for 1.2402.
Alternative scenario:
The downside breakout of 1.2328 would call for 1.2304 and 1.2290.
| Resistance | 1.2388 | 1.2402 | 1.2415 |
| Support | 1.229 | 1.2304 | 1.2328 |
Last: 1,776.63
Pivot: 1,767.5
Review:
Gold prices tumbled almost 5% to head back to the mid-$1,700 levels.
Technical comment:
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Gold is trading under both its 20 and 50 period moving average (respectively at 1781.60 and 1803.10).
Preference scenario:
Short-term rebound towards 1798.50.
Alternative scenario:
Below 1767.50, expect 1756 and 1749.50.
| Resistance | 1,798.5 | 1,805.5 | 1,812 |
| Support | 1,749.5 | 1,756 | 1,767.5 |
Last: 71.13
Pivot: 70.65
Review:
Oil settled down $1.11, or 1.5%, at $71.04 per barrel. It was WTI’s biggest slide on the day since a 2.1% drop on May 20.
Technical comment:
The RSI is below its neutrality area at 50% but reversing up.
Preference scenario:
Long positions above 70.65 with targets at 72.30 & 73.00 in extension.
Alternative scenario:
Below 70.65, look for further downside with 69.80 & 69.30 as targets.
| Resistance | 72.3 | 73 | 73.5 |
| Support | 69.3 | 69.8 | 70.65 |
Last: 1.1912
Pivot: 1.195
Review:
EUR/USD fell 0.1% to 1.1986.
Technical comment:
A break below 1.1890 would trigger a drop towards 1.1865.
Preference scenario:
Short positions below 1.1950 with targets at 1.1890 & 1.1865 in extension.
Alternative scenario:
Above 1.1950 look for further upside with 1.1980 & 1.2005 as targets.
| Resistance | 1.195 | 1.198 | 1.2005 |
| Support | 1.184 | 1.1865 | 1.189 |
Last: 1.3933
Pivot: 1.3965
Review:
GBP/USD was flat at 1.3987.
Technical comment:
As long as the resistance at 1.3965 is not surpassed, the risk of the break below 1.3895 remains high.
Preference scenario:
Short positions below 1.3965 with targets at 1.3895 & 1.3865 in extension.
Alternative scenario:
Above 1.3965 look for further upside with 1.4005 & 1.4040 as targets.
| Resistance | 1.3965 | 1.4005 | 1.404 |
| Support | 1.384 | 1.3865 | 1.3895 |
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