Home Forex Forex Market Analysis June 25 – Quick Technical Update on S&P500 & Gold

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

16
0

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.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here