[Video] Gold bounces from key low, USD in focus for NFP

Markets are wrapping up ahead of the long weekend for Easter where several major exchanges will be closed on Friday, and some on Monday.

Gold 1


But as forex markets will remain open as per usual, we cover two currency markets in today’s video, with tomorrow’s Nonfarm payroll report in mind; USD/CAD and NZD/USD. We also take a look at gold which bounced off of key support, so perhaps there is life in the precious yellow metal yet.

Updates to previous videos:

  • Fortune Brands (FBHS) produced a small bearish pinbar yesterday, so perhaps there is an opportunity for prices to consolidate around current levels or retrace towards the 92.60/40 support zone. The target around 105 remains (projected from the sideways channel) but a break below the support area mentioned invalidates that pattern. However, the daily trend remains bullish above the 87.21 low.
  • Well, soybeans are still cooking in the bullish fire after prices broke aggressively higher overnight, invalidating the bearish bias. A break to new highs would confirm resumption of its dominant bullish trend.
  • A small inside candle formed on the Europe STOX 50 just below its record highs. Whilst this shows caution ahead of the long weekend and presents the potential for a retracement, it does not yet spoil its strong bullish trend. Key support levels include the gap around 3840 and the previous record high of 3874.90. For longer-term traders, the trend remains bullish above the 3742.50 low.

S&P 500 (0.36%) 31 March 2021

  • The index closed -0.28% below its 52-week high
  • 215 (42.57%) stocks advanced and 289 (57.23%) declined
  • Information Technology (1.49%) was the strongest sector and Energy (-0.92%) was the weakest
  • 4 out of the 11 sectors outperformed the index
  • 92.87% of stocks closed above their 200-day average
  • 88.32% of stocks closed above their 50-day average
  • 70.3% of stocks closed above their 20-day average

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