Market Focus: Oil – Gold – US30 – NDX100
Hi traders, today we look at the oil, gold and US CFD indexes.
Oil continues to hold in a triangle pattern but price has now started to get to that squeeze point, could we see a breakout soon? Gold failed to hold gains overnight as we continue to see fair supply from 1809. Price, for now, looks to be in a short term consolidation/pullback. It’s really up to buyers now to get the trend back on track.
US indexes pulled back overnight, the US30 continues to be pattern bound after last night’s failed rally. Buyers have been active so far today but we need to see a break and hold above resistance to confirm that the current trend is starting a new up leg. Finally looking at the NDX100, last night was the first time in a while we have seen a failed high that turned into a decent move lower. We want to see buyers hold yesterday’s low as a break of it could suggest a new correction could be developing. Overall, the medium and long term trends remain up at this point.
22:30 pm AEST – USD US PPI and Core PPI
Today’s Market Analysis Video