Daily Market Report: June 15, 2021

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

June 15, 2021

Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.

U.S. Stock Market

Last: 4,240.23

Pivot: 4,226

Review:

U.S. stocks were mixed after the close on Monday, as gains in the Technology, Consumer Services and Utilities sectors led shares higher while losses in the Basic Materials, Financials and Oil & Gas sectors drove shares lower. At the close on NYSE, the Dow Jones Industrial Average declined 0.25%, while the S&P 500 index climbed 0.18%, and the NASDAQ Composite index gained 0.74%.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

Opportunities to go long could occur should the price go above 4226.00, with targets at 4260.00 and 4275.00 in extension.

Alternative scenario:

If the price drops below 4226.00, further downside movement is likely with 4209.00 and 4192.00 as targets.

Resistance 4,260 4,275 4,300
Support 4,226 4,209 4,192
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.
USD/CAD

Last: 1.2143

Pivot: 1.2155

Review:

USD/CAD did not manage to settle above the resistance at 1.2170 and declined towards the support at 1.2130.

Technical comment:

The upward potential is likely to be limited by the strong resistance at 1.2155.

Preference scenario:

Traders might be looking for short-selling oppportunities if the price breaks below 1.2155, with targets at 1.2125 and 1.2105 in extension.

Alternative scenario:

If it breaks above 1.2155, further upside momentum looms, with 1.2175 and 1.2195 as targets.

Resistance 1.2155 1.2175 1.2195
Support 1.2125 1.2105 1.209
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.
Gold

Last: 1,867

Pivot: 1,854

Review:

Gold closed at its lowest in a month after plumbing a bottom beneath $1,850 an ounce on Monday as speculators shorted the yellow metal on rising conviction that the Federal Reserve would indicate at its policy meeting this week some kind of timetable for the tapering of its asset purchases to support the U.S. economy.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions could be on the cards if the price manages to break above 1854.00, with targets at 1878.00 and 1889.00 in extension.

Alternative scenario:

If the price breaks below 1854.00, further downside risk is likely, with 1844.00 and 1834.00 as targets.

Resistance 1,878 1,889 1,903
Support 1,854 1,844 1,834
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.
Oil

Last: 71.01

Pivot: 71.4

Review:

Crude oil prices settled in little changed trading on Monday, after hitting their highest levels in more than two years, boosted by renewed confidence in the economic revival and an associated jump in oil demand.West Texas Intermediate, the benchmark for U.S. crude, settled down 3 cents at $70.88, after soaring to $71.78 earlier, its highest since October 2018. Brent, the gauge for global crude, settled up 17 cents at $72.86, after surging to $73.63, its highest since May 2019.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

Short positions could occur if the price breaks below 71.40, with targets at 70.70 and 70.10 in extension.

Alternative scenario:

If it manages to break above 71.40, further upside moves could potentially reverse the downturn in oil prices, with 71.80 and 72.20 as targets.

Resistance 71.4 71.8 72.2
Support 70.7 70.1 69.7
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.
EUR/USD

Last: 1.212

Pivot: 1.2105

Review:

EUR/USD edged lower to 1.2104, after touching an almost one-month low of 1.2093 in the previous session.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

If the price breaks above 1.2105, traders could potentially seek opportunities to go long, with targets at 1.2135 and 1.2150 in extension.

Alternative scenario:

If it breaks below 1.2105, further downside momntum is on the cards, with 1.2090 and 1.2075 as targets.

Resistance 1.2135 1.215 1.217
Support 1.2105 1.209 1.2075
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.
GBP/USD

Last: 1.4108

Pivot: 1.409

Review:

GBP/USD climbed 0.1% to 1.4112.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions might offer profit-taking opportunities if the price breaks above 1.4090. Should this happen, 1.4125 would be the next level to watch, with 1.4145 in extension.

Alternative scenario:

If it falls below 1.4090, further downside action begins to take shape, with 1.4070 and 1.4050 as the next price targets.

Resistance 1.4125 1.4145 1.4165
Support 1.409 1.407 1.405
Gold Closes at Record Lows US Equities Entangled in Mixed Trade Oil Settled.

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