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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

79% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

Trading insight: US Senate passed the “deal”

Copy of Blog Images - Skilling - 2023-06-02T115547.961

Market talk and ideas

Screenshot 2023-06-02 120020
Chart 1 US100 as of June 2 2023 6:49 UTC

The above chart illustrates the US 100 index current uptrend as observed on the daily chart. Current price has advanced +33% year to date as investors shifted into the “AI trade” by supporting the big tech companies that are expected to benefit from the growth of AI (artificial intelligence).

Risk appetite increases in front of today’s US nonfarm payrolls (NFP)

Crude oil and stock indices show gains while the US dollar index and the VXX volatility index decline during the previous 48 hours.

Screenshot 2023-06-02 120049
Data as of June 2 2023 7:09 UTC

Possible drivers behind the renewed risk on market moves:

  • US debt ceiling bill passed the Senate
  • US non-farm payrolls could offer surprise upside
  • Despite the prospects of a stronger US jobs report being viewed as an increased risk for the Fed to hike rates again, the underlying US economy remains solid

Today’s economic calendar

US nonfarm payrolls (NFP) due today

Prospects for a higher jobs number, or will the report indicate a slowing US labor market?

Either way high price action could be on deck across USD assets at the time of today's jobs report release!

Screenshot 2023-06-02 120125
Source: TradingView / J. Knobel June 2 2023 6:38 UTC


Technical trade ideas

Gold price has been up three days in a row. Is $2K back in sight?

Screenshot 2023-06-02 120154

Gold price seems to have embraced the passing of the US debt ceiling deal gaining nearly 1.6% during the past 5 days.

Current price above its multi-week downward sloping trendline indicates that price has found support on the trendline (see chart 2), despite this, the recent move higher could be a “corrective” move from the May 4th high - May 30th low downside move. Therefore, a further “corrective” move higher can not be ruled out for a run at the $2,000 level, however, a return of the prevailing downtrend could also be triggered provided the support at $1,963 fails to hold.

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