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Forex Market Snapshot
An uneasy calm has returned to markets with the dollar trading mixed, up vs. the EUR. GBP, CHF and down slightly vs the JPY (note JGB yields dipped, easing pressure on the currency), AUD and NZD (flat vs the CAD).
US stocks have steadied and as of this writing are up just modestly.
GOLD, meanwhile, sliced through $4800 like Swiss cheese to another all-time high, suggesting the current tensions over Greenland are still simmering below the surface
This is why it feels like an uneasy calm as investors alike await President Trump’s keynote address today, which has been delated by 3 hours, at the Davos World Economic Forum
Gold extends all-time high on WSJ report
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Newsquawk US Market Wrap 2
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Newsquawk US Market Wrap 1
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US500 (SP500) UPDATE
- Break of 6800-20 is significant BUT ONLY if it becomes resistance as there is a void to 6715, the support level bulls do not want to see broken.
- On the upside, back above 6800-20 is needed to slow the risk, above 6870-=90 to negate it.
- As I said earlier, the uptrend has been shaken but investors with even short memories recall that sharp retracements, especially geopolitical or tariff related, have been followed by even stronger rebounds. The jury is out whether history will repeat so watch 6800 as a pivotal level that will dictate the tome going forward.
XAUUSD (GOLD) UPDATE
Having established above 4650 XAUUSD is making the anticipated run towards 4800.
Why is 4800 important?
With no resistance on charts, 4800 is one of those pivotal/psychological levels that can act both as a target and obstacle.
Supports?
Much depends on the risk mood but in any case, should keep a bid while above 4690-00.
XAUUSD 4 HOUR CHART
Trump no plans to attend emergency G-7 meeting
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NAS100 (NASDAQ) UPDATE
- Surviving the first shockwave with a pause above key 24643 support.
- Now needs to re-establish 25000+ and then move above 25285-300 to cool the risk by trading back into the opening week gap.
- Note in the current market, headlines more than technicals or fundamentals will drive the price action,
NAS100 DAILY CHART
US500 (SP500) UPDATE
- The uptrend has been shaken but investors with even short memories recall that sharp retracements, especially geopolitical or tariff related, have been followed by even stronger rebounds.
- So, it would take a move through 6800-20 and then 6715 to turn this into more than a retracement.
- On the upside, back above 6880-90 is needed to cool the risk and expose the opening week gap.
US500 DAILY CHART
Sell America trade reaction to the headline (stocks down, bonds down, USD down) even though fund only had $100 mln in US treasuries
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