MSCI WORLD STOCK INDEX – Unchanged from yesterday: “Prices surged sharply higher, taking out resistance at $1131.35, the June swing high, with May’s top at $1158.71 now lining up as resistance. A break above this juncture would expose the psychologically significant $1200 figure.”
US DOLLAR INDEX – Prices are stalling above key support at 80.07, the April swing low, having taken out the 76.4% Fibonacci retracement of the 4/12-6/7 upswing (82.11). This has now been re-cast as resistance, with traders eyeing tomorrow’s US jobs report for a reading on where things go from here as currencies continue taking cues from overall risk sentiment.
CRUDE OIL – Prices are testing resistance at $82.55, the 138.2% Fibonacci extension of the 6/28-7/6 downswing having bounced from the bottom of a rising channel set from the low in May. A Shooting Start candlestick formation followed by a Hanging Man on the next session’s daily bar hints that a reversal lower may be next, with initial support at $79.38. Alternatively, a break higher exposes $84.50.
GOLD –Prices are testing resistance at the top of a falling channel established from the swing high in June (now at $1195.18). The proximity of the psychologically significant $1200 figure further reinforces this barrier while a Shooting Star candlestick formation hints that a move lower may be next. Initial support is seen at the 7/28 low ($1157.03), followed by the channel bottom (now at $1141.40). Alternatively, a break higher initially exposes $1215.47.
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