Forex Market Analysis

June 25 – Quick Technical Update on S&P500 & Gold

The U.S. stocks sank during a broad sell-off on Monday, with the S&P 500 dropping over 1.5 %. In particular, the technology companies bearing the strength of an escalating trade dispute between the U.S.  and different leading economies.



The U.S. Treasury was drafting curbs that may block companies with a minimum of 25% Chinese possession from purchasing  U.S. technology companies. In response, the dollar plunged to a two-week low against the yen as a rise in the global trade worries depressed investor risk appetites and turned down U.S. yields.


S&P 500 – Daily Outlook

The U.S. stock market index SPX is trading at 2709.02, down 45.25 points and 1.67%. S&P500 is facing a strong support near 2700 after falling 1.59% today. We can expect a pullback above 2700, whereas the violation of this level will lead SPX -1.66% towards 2685.

S&P500- Intraday Support & Resistance Levels 

Support     Resistance 

2745.54      2769.84

2738.04      2777.34

2725.89      2789.49

Key Trading Level:    2757.69


Gold – XAU/USD – Daily Outlook

The precious metal gold is trading bearish at 1267.57, down -0.17% on Monday. Technically, Gold is trading sideways with a lower range of 1264 – 1271. The breakout of this range will define the further trend of gold. The breakout above 1271 can lead gold prices towards 1275 while a breakout below 1265 will open further room for buying until 1261.

Gold- Intraday Support & Resistance Levels 

Support     Resistance 

1271.5     1273.64

1270.84    1274.3

1269.77    1275.37

Key Trading Level:    1272.57

That’s pretty much it for now. Investors are advised to monitor the U.S. CB Consumer Confidence in order to capture further movements in the dollar index, gold, and the U.S. stocks.



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