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Market Insights

Trading Insights - Stock indices: bullish theme to continue this week?

Copy of Blog Images - Skilling - 2023-07-03T102835.583

Screenshot 2023-07-03 103245

The above weekly chart illustrates the price action for the Dowjones 30 index as of July 3, 2023, 7 am UTC. The index is currently near its 52 week highs, which if price successfully closes above could reinforce the prevailing bullish conditions.

Today’s insight

Markets are cautious ahead of a busy economic calendar this week

  • Today: EU and US manufacturing data
  • Tomorrow July 4th: Australian interest rate decision
  • Wednesday July 5th: US FOMC meeting minutes
  • Thursday July 6th: US JOLTs
  • Friday July 7th: US Nonfarm payrolls (NFP)

Today’s economic calendar

US ISM Manufacturing Index is expected to improve

Screenshot 2023-07-03 103331

  • Current reading 46.9
  • Forecast 47.1 - 48
  • Reading above 50 indicates that manufacturing is expanding

Screenshot 2023-07-03 103400
Source: TradingView / J. Knobel July 3 2023 6:30 UTC


Trading insights & strategy

Prospects for high price action across US dollar assets this week.

Shortened US trading session today and Tomorrow, July 4th US traders will be out of the markets, thereby lower trading volumes are expected. Lower volumes across the boards, lower volumes enable prices to be more sensitive to smaller trades.

Gold price continues to look vulnerable towards the downside, eyes on the $1,885s?

  • Current price $1,914
  • Key resistance seen near $1,935
  • Upside risk seen above the $1,940 resistance
  • Downside prospects for $1,885 can not be ruled out in the very short term (5-13 days)

Screenshot 2023-07-03 103425

Gold technical commentary: current price $1,914. Price is below its multi-month downward sloping trendline (bearish), 6 and 13 week rate of change indicators below their respective zero lines (bearish), falling tops and lower bottoms on price since the May 2023 highs - June lows suggested a downtrend (dow theory). Support at $1,885 while key resistance is seen near the $1,940s. Bears could be eyeing the key support near $1,885, while upside risk above the $1,940s remains.

Not investment advice. Past performance does not guarantee or predict future performance.