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. 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%.
The RSI is above its neutrality area at 50%.
Opportunities to go long could occur should the price go above 4226.00, with targets at 4260.00 and 4275.00 in extension.
If the price drops below 4226.00, further downside movement is likely with 4209.00 and 4192.00 as targets.
USD/CAD did not manage to settle above the resistance at 1.2170 and declined towards the support at 1.2130.
The upward potential is likely to be limited by the strong resistance at 1.2155.
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.
If it breaks above 1.2155, further upside momentum looms, with 1.2175 and 1.2195 as targets.
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.
The RSI calls for a bounce.
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.
If the price breaks below 1854.00, further downside risk is likely, with 1844.00 and 1834.00 as targets.
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.
The RSI is mixed with a bearish bias.
Short positions could occur if the price breaks below 71.40, with targets at 70.70 and 70.10 in extension.
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.
EUR/USD edged lower to 1.2104, after touching an almost one-month low of 1.2093 in the previous session.
The RSI advocates for further upside.
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.
If it breaks below 1.2105, further downside momntum is on the cards, with 1.2090 and 1.2075 as targets.
GBP/USD climbed 0.1% to 1.4112.
The RSI is mixed to bullish.
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.
If it falls below 1.4090, further downside action begins to take shape, with 1.4070 and 1.4050 as the next price targets.
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