Trading Insights: It's a bull market!

Commentary & insights

Strong data lifts global stock markets

Yesterday’s data reported that US Durable goods orders beat the -1% expectations jumping to +1.7% month-on-month. Durable goods orders increased from 1.2% to 1.7% triggering speculation that the US economy is in good shape.

The US 100 Index is trending, having gained 37% during the last six months.

Gold price outlook remains bearish.

Strong US economic outlook adding to the downside pressure for Gold price.

Current gold price $1,910 with eyes on the lower supports at $1,903 - $1,866. Upside risk seen above the $1,989 resistance.

Weaker Australian inflation triggers AUD/USD to drop 0.7%

AUD FX is under downside pressure on the back of the overnight latest AUD consumer price index data (inflation).

AUD/USD pierces below the 0.6630 key support, strengthening the case for a further bearish extension lower.

Current AUD/USD price 0.6641 with eyes on the key support at 0.6630, and if support fails, the prospects open up for a move toward the 0.6560s in extension. Upside risk seen above the $1,989 resistance.

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Today’s economic calendar

WTI Crude Oil in focus in front of the weekly US crude oil inventories report

• WTI current price $67.75 down nearly 7% during the last 5 days, today's inventories are expected to show a drawdown of 1.757 million barrels week on week.

Source: TradingView / J. Knobel June 28 2023 5:49 UTC

WTI Crude Oil price outlook looks bearish with eyes on the $67.20 support level

• WTI Crude oil trading near the $67.20 support. A price break below the $67.20 level could expose $62.4 on the downside. Upside risk seen above the $75.70 resistance (see chart).