Financial Markets Mark Time at Key Technical Levels
MSCI WORLD STOCK INDEX – Prices continue to stall ahead of resistance at $1131.35, the June swing high, with negative RSI divergence hinting a move lower may be ahead. Initial support lines up at $1116.56, the 7/14 wick high.
US DOLLAR INDEX – Prices remain just above support at 82.11, the 76.4% Fibonacci retracement of the 4/12-6/7 upswing. Positive RSI divergence hints that a rebound may materialize from here, with initial resistance at the 61.8% Fib level (83.37). Alternatively, continued selling sees support just above the 80.00 figure.
CRUDE OIL – Prices marked time today after yesterday’s downswing following a test of resistance at $79.38, the June swing top, but the bearish implications of current positioning have been little changed. Continued selling targets the bottom of a rising channel established since May near the $75 figure.
GOLD – Prices stalled at support marked by the bottom of a near-term falling channel established from the swing high in June after taking out support at a rising trend line set from the low in early February. Initial resistance lines up at the $1170.00 figure, whereas continued selling would challenge $1151.85.
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