The financial markets remained heavily volatile due to a series of market-moving economic events like the German CPI and U.S. Final GDP. Well, the game isn’t over yet. We have another series of high impact economic events coming out of the market on Friday. Let’s take a quick look.
Top Economic Events to Trade
- EUR – German Retail Sales m/m – 6:00 (GMT)
- GBP – Current Account – 8:30 (GMT)
- GBP – Final GDP q/q – 8:30 (GMT)
- EUR – CPI Flash Estimate y/y – 9:00 (GMT)
- CAD – GDP m/m – 12:30 (GMT)
- USD – Chicago PMI – 13:45 (GMT)
Although there are lot more economic events due to be released, these are the most important ones and may help you capture a nice amount of pips.
Gold – XAU/USD – Daily Outlook
On Thursday, gold plunged to its weakest level in six months to trade at $1,247. Most of the selling came in response to escalating pressure from the trade war and the sentiments of higher U.S. interest rates which continues to weigh on gold. Nevertheless, we can expect a modest reversal in the near term. Price action is expected to retrace the decays back to 1263, the same level which earlier served as support.
Support Resistance 1252.5 1259.76 1250.26 1262 1246.63 1265.63 Key Trading Level: 1256.13
SPX – S&P 500 – Technical Outlook
SPX is trading bullish near 2718 after gaining support above 2694. On the 4- hour chart, the upward trendline is also extending support near 2679. While the resistance prevails at 2732 and 2745 today, the main trend is up as per the daily swing chart, but, momentum is trending lower. A trade through 2679.25 will convert the main trend (bullish) into the bearish bias.
Overall, the main trading range of SPX is 2595 to 2796. The index is currently testing the upper or 50% level of this range at 2795.75.
Support Resistance 2697.19 2732.87 2686.16 2743.9 2668.32 2761.74 Key Trading Level: 2715.03