Weekly Market Report: June 28, 2022

The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!

US stocks down; Gold drops

US Stock Market

Last: 12,020

Pivot: 11,820

Review:

US stocks were lower after the close on Monday, as losses in the consumer services, technology and basic materials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average declined 0.20%, while the S&P 500 index declined 0.30%, and the NASDAQ Composite index lost 0.72%

Technical comment:

The next resistances are at 12270.00 and then at 12540.00.

Preference scenario:

For long positions above 11820.00, find new targets at 12270.00 and 12540.00 in extension.

Alternative scenario:

If the price drops below 11820.00, look for a further downside with 11520.00 and 11330.00 as targets.

Resistance 12,270 12,540 12,760
Support 11,820 11,520 11,330
US stocks down; Gold drops
USD/JPY

Last: 135.52

Pivot: 135.15

Review:

USD/JPY was down 0.11% to trade at ¥134.79 after Japanese inflation came in above the Bank of Japan's 2% target.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

If the rate moves above 135.15, check out targets at 135.70 and 135.95 in extension.

Alternative scenario:

Should the rate slide below 135.15, look for a further downside with 134.90 and 134.60 as targets.

Resistance 135.7 135.95 136.25
Support 135.15 134.9 134.6
US stocks down; Gold drops
Gold

Last: 1,823

Pivot: 1,832

Review:

Spot gold dropped 0.2% to the level of $1,822.89 an ounce.

Technical comment:

As long as the resistance at 1832.00 is not surpassed, the risk of the break below 1816.00 remains high.

Preference scenario:

For short positions below 1832.00, discover fresh with targets at 1816.00 and 1810.00 in extension.

Alternative scenario:

If the rate moves above 1832.00, look for a further upside with 1837.00 and 1841.00 as targets.

Resistance 1,832 1,837 1,841
Support 1,816 1,810 1,805
US stocks down; Gold drops
Oil

Last: 110.52

Pivot: 108.5

Review:

US West Texas Intermediate crude closed up $1.95, or 1.8%, at the rate of $109.57.

Technical comment:

The break above 108.50 is a positive signal that has opened a path to 112.00.

Preference scenario:

If the price climbs above 108.50, find targets at 112.00 and 113.10 in extension.

Alternative scenario:

Should the rate fall below 108.50, look for a further downside with 107.20 and 105.60 as targets.

Resistance 112 113.1 114.2
Support 108.5 107.2 105.6
US stocks down; Gold drops
EUR/USD

Last: 1.0582

Pivot: 1.0565

Review:

EUR/USD rose 0.19% to $1.05 ahead of statements from European Central Bank speakers later today and business confidence data in Germany.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

If the rate jumps above 1.0565, with targets at 1.0600 and 1.0615 in extension.

Alternative scenario:

If the price dips below 1.0565, look for a further downside with 1.0550 and 1.0530 as targets.

Resistance 1.06 1.0615 1.063
Support 1.0565 1.055 1.053
US stocks down; Gold drops
GBP/USD

Last: 1.2274

Pivot: 1.2295

Review:

GBP/USD remained firm, edging slightly higher by 0.05% to $1.22, following data on Friday that showed UK retail sales volumes declined by 0.5% in May, but were above analyst estimates.

Technical comment:

As long as the resistance at 1.2295 is not surpassed, the risk of the break below 1.2245 remains high.

Preference scenario:

For short positions below 1.2295, find targets at 1.2245 and 1.2220 in extension.

Alternative scenario:

Should the price increase above 1.2295, look for a further upside with 1.2315 and 1.2335 as targets.

Resistance 1.2295 1.2315 1.2335
Support 1.2245 1.222 1.22
US stocks down; Gold drops

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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