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Daily Markets Broadcast 2019-03-06

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Daily Markets Broadcast

2019-03-06

Wall Street lacks inspiration from trade talks

No news is good news, so they say, but not when it comes to trade negotiations and Wall Street. Indices edged marginally lower yesterday though without conviction. Gold halted its recent slide on the lack of news.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell for a second straight day and has carried the negative sentiment across to today’s start
  • Resistance at the November high of 26,249 remains intact. Support may be found at the 200-day moving average at 25,117
  • The run-up to Friday’s non-farm payroll report kicks off today with the release of the ADP employment change. Estimates suggest a lower 189k addition from January’s 213k.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rebounded yesterday after services PMIs across a number of Euro-zone countries showed improvement
  • The index is sandwiched between resistance at the 200-day moving average, which is at 11,840 today, and trendline support around the 11,277 level. The 100-day moving average lies at 11,200
  • Euro-zone service sector PMIs for Germany, Spain, France, Italy and the Euro-zone as a whole all beat forecasts in February. There are no major European data releases scheduled for today.

 

XAU/USD Daily Chart

Source: OANDA fxTrade

  • Gold snapped a four-day losing streak yesterday after touching the lowest in 5-1/2 weeks earlier in the session, as a lack news on the trade negotiations front rekindled demand for the precious metal as a safe-haven asset
  • The 38.2% Fibonacci retracement of the August to February rally lies at 1,275.48. Resistance could be found at the 55-day moving average at 1,297.85, which was broken to the downside for the first time since November 28 last Friday
  • Investment bank Goldman Sachs raised its 12-month gold price forecast to 1,450 from 1,425, according to a client note yesterday.

 

 

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