Joined 05/06/23 10:39
Charting the Markets: 05 June Indices remain bid amid risk-on sentiment. EUR/USD, GBP/USD resume their descents on greenback strength while EUR/GBP rallies. And Gold prices fall back and oil prices rally, while live cattle prices sit at a record high. Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Monday 05 June 2023 This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
Hio @Agarwal Thanks for sharing! All the best - MongiIG
Gold prices fall back and oil prices rally, while live cattle prices sit at a record high Gold has dropped back at the start of the week, while oil prices have been given a lift by a fresh OPEC production cut. Meanwhile, live cattle prices have made further headway. Source: Bloomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 05 June 2023 Gold renews Friday’s declines While stocks rallied on Friday following the jobs report, gold prices went sharply into reverse. This has continued this morning, with the price nearing the 100-day SMA once again. Last week saw the price hold above the 100-day SMA and above the $1930 support zone. A move below $1930 would mark an interesting development, putting the price below the 100-day SMA for the first time since November. This might then open the way to the 200-day SMA, and then down towards $1800. A revival needs to clear short-term resistance around $1985, and then on above the 50-day SMA ($1991), to suggest that the uptrend has been revived. Source: ProRealTime WTI rallies following production cut Oil prices rallied on Thursday and Friday in expectation of an OPEC production cut. The organisation duly delivered, and prices gapped higher over the weekend. Further gains target the late May high around $74.50, and then on to the 50- and 100-day SMAs. The last production cut prompted a rally to the 200-day SMA before it faltered. Buyers will be hoping that the price can sustain the forward momentum and move on to clear the 200-day SMA this time. Conversely, sellers will be watching for a turn lower, ideally below the 100-day SMA, that will leave the bearish view intact. Source: ProRealTime Live Cattle at record highs Prices here rallied on Friday to a new record high. A remarkable rally has seen the price rise by almost a third over the last year. Clearly, bullish momentum is still very strong, but the price now looks overextended from the 50-day SMA. Some short-term consolidation may well occur, but it is notable that weakness in March and May both stabilised above the 100-day SMA. Trendline support from the March lows will need to be breached if sellers are to gain traction in the short-term. Source: ProRealTime
When can I link my IG account to TradingView?
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