Daily Market Report: September 17, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Gold crashes on Strong Sales Data

US Stock Market

Last: 15

Pivot: 15

Review:

US stocks were mixed after the close on Thursday, as gains in the Consumer Services, Telecoms and Technology sectors led shares higher while losses in the Basic Materials, Oil & Gas and Utilities sectors led shares lower. At the close on NYSE, the Dow Jones Industrial Average fell 0.18%, while the S&P 500 index lost 0.15%, and the NASDAQ Composite index climbed 0.13%.

Technical comment:

Let's take a look at the NASDAQ chart. We can observe that the RSI advocates further advance.

Preference scenario:

Should the price break out above 15440.00, it would give traders an opportunity to go long while keeping a close eye on 15600.00 and 15670.00 as the next targets on the upward path.

Alternative scenario:

Should it break out below 15440.00, it would call for 15370.00 and 15315.00 as its downside targets.

Resistance 15 15 15
Support 15 15 15
Gold crashes on Strong Sales Data
USDCAD

Last: 1.268

Pivot: 1.2644

Review:

USDCAD traded higher, closing at 1.2680.

Technical comment:

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50-period Moving Average (respectively at 1.2669 and 1.2647).

Preference scenario:

As long as 1.2644 is support, the 1.2744 level remains within reach.

Alternative scenario:

If, however, the price dips below the 1.2644 support, it will likely continue to decline further towards 1.2609 and 1.2588 in extension.

Resistance 1.2724 1.2744 1.2765
Support 1.2644 1.2609 1.2588
Gold crashes on Strong Sales Data
Gold

Last: 1,754.32

Pivot: 1,748

Review:

Gold crashes on upbeat US Retail Sales figures.

Technical comment:

The RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and above its signal line. The configuration is mixed. Gold is trading below both its 20 and 50-period Moving Average (respectively at 1759.10 and 1778).

Preference scenario:

A short-term rebound towards 1768.50 is on the cards.

Alternative scenario:

A breakout below 1748 would open the path towards 1740.50 and 1736 in extension.

Resistance 1,768.5 1,773 1,777.5
Support 1,748 1,740.5 1,736
Gold crashes on Strong Sales Data
Oil

Last: 72.62

Pivot: 72.15

Review:

Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to US Gulf crude production from Hurricane Nicholas receded.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

An opportunity to go long will present itself if the price manages to conquer the 72.15 level and continue to climb towards 73.00 (the nearest target in focus) and 73.50 in extension.

Alternative scenario:

Instead, should the price break out below 72.15, it would clear the downside path towards 71.53 and 71.00.

Resistance 73 73.5 73.95
Support 72.15 71.53 71
Gold crashes on Strong Sales Data
EURUSD

Last: 1.1768

Pivot: 1.1741

Review:

The EURUSD pair traded lower on Thursday following a rally in the greenback. US Retail Sales rose 0.7% last month, partly boosted by back-to-school shopping and child tax credit payments, while data for July was revised down.

Technical comment:

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20-period Moving Average (1.1761) but below its 50-period Moving Average (1.1787).

Preference scenario:

A rebound towards 1.1829 is on the cards.

Alternative scenario:

A breakout below 1.1741, on the other hand, would map the way towards 1.1708 and 1.1689 in extension.

Resistance 1.181 1.1829 1.1849
Support 1.1741 1.1708 1.1689
Gold crashes on Strong Sales Data
GBPUSD

Last: 1.3793

Pivot: 1.3769

Review:

GBPUSD tumbles to one-week lows under 1.3800 as the US Dollar strengthens.

Technical comment:

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50-period Moving Average (respectively at 1.3794 and 1.3818).

Preference scenario:

A rebound towards 1.3846 is likely.

Alternative scenario:

The downside breakout of 1.3769 would call for 1.3741 and 1.3724.

Resistance 1.383 1.3846 1.3863
Support 1.3769 1.3741 1.3724
Gold crashes on Strong Sales Data

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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