Technical Analysis

Fear is evaporating in markets

Gold lower. Yields higher.  Stocks at records.  USDJPY and USDCHF at key levels

The fear trades are evaporating in the markets today:

  • Spot gold is down $22 now and trading at session lows at $1468.43. The precious metal broke below its 100 day moving average for the 1st time since May 31 (blue line in the chart below)
  • US yields are surging with the 10 year yield up 9.8 basis points now at 1.926%. It’s trading at the highest level since August 1.  
  • US stock indices are all trading at record highs.  The S&P index is trading at 3096, up 0.60%. The NASDAQ is trading at 8477, up 0.78%. The Dow is up 250 points or 0.91%.  
  • WTI crude oil futures are moving higher on increased hope for global growth. The price is up $0.84 or 1.53% of $57.20 currently
  • The USDJPY is testing its 61.8% retracement at the 109.35 level (also recent swing highs). The price has moved up to 109.386
  • The USDCHF is also testing a key resistance area against its 200 day moving average at 0.9952. The 5 price just reached 0.9956 and backed off to 0.9950 currently.

No fear.  

ForexLive

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