Overnight Moves

Today, we looked at 14 charts; below are just a few. Join us in the morning call on Discord to see it all. Let’s have a look at the overnight moves. Today, we see more risk-off as profit-taking continues in some areas. The Rand is feeling weaker today, so that will affect locals. PGMs are down again today, while oil has seen some growth after a sharp downturn yesterday. Tencent is up by 2.73%, so expect Napsers and Prosus to follow. Volatility rises as Israel comes under fire.

S&P 500 Index

Yesterday’s session started relatively muted, but as headlines started coming out, we saw some big moves. We ended the day to the upside by 1.15% with the day ranging from 6,483 to 6,748. It would seem that the market is not really confident in the story of peace talks at this time between the US and Iran, as at the time of writing, we seem to once again be moving downwards. Our level for today is 6,630 to the upside, and if we do happen to manage to climb above that, then look to 6,711 for resistance. Look at 6,483 for support today, and look for opportunities as headlines come out.

Gold

Gold saw quite a fluctuation in price yesterday, ranging from $4,099 to $4,536, and closed to the downside by 2%. This morning, we are seeing some green on the chart, and we hope this is a change in direction, but we would only be confident in that once it reaches and holds $4,440. If we see further selling past $4,300, then we will just have to sit back and wait to see where we can find another point where the traders feels more confident in the gold market.

Copper

Copper managed to touch the resistance level we had at $5.57, but did not manage to break past it. Resistance will remain the same, but support can be found at $5.25. We saw a headline this morning regarding copper stockpiles in China that faced their biggest inventory usage this year so far as they try to keep up with demand. The war in Iran has affected copper too, and should we see an end in the conflict with these supposed peace talks, we should then see copper make some gains back up to $6, hopefully. For now, the range remains tight and still worth monitoring.

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