The USD has moved higher on the back of headlines that Iran will stop exchanging messages with US in protest against “Zionist crimes” largely in Lebanon.
The price of oil has moved higher and moved toward the 200 hour MA at $93.76. Getting above that MA would be the first break since May 21 and increase the buyers control technically.
Gold has turned lower and, in the process, has broken below both its 200-hour moving average at $4,508.45 and its 100-hour moving average at $4,488.80. Earlier in the session, buyers were able to defend the 100-hour MA, but the rebound ran into willing sellers near the 200-hour MA. That failure to sustain upside momentum helped pave the way for the subsequent break lower.
With the price now trading beneath both key moving averages, the technical bias has shifted in favor of the sellers. The 100-hour and 200-hour MAs now serve as close resistance levels, and as long as the price remains below them, sellers maintain the near-term advantage. A move back above those levels would be needed to weaken the bearish outlook and give buyers a reason to regain control.
US stocks are trading marginally lower after being higher in pre-market trading. The major indices are each down about -0.10% on the day.
- Dow -0.11%
- S&P -0.08%
- Nasdaq -0.12%
Yields are higher with the 10 year yield back above the 4.50% level at 4.510% (up 5.7 basis points). The 2 year is comfortably above the 4.0% level with a gain of seven basis points at 4.084%. The 30 year is up 3.1 basis points and back above the 5% level at 5.024%
The USD is higher and making technical tests/breaks to the upside
