Go for Gold - pushing towards 2410.50 resistance

U.S equity markets took a breather and held steady overnight. S&P and NASDAQ futures index both dipped by -0.26%and -0.3% respectively. This was more due to the profit-taking moves by traders since the major indices made new highs. Unemployment claims data last night fell but not as much as the market expected, showing that we are still seeing some softness in the US markets.

Asian Markets turned mixed this morning. HSI rose the most by +1.06%, following robust earnings from tech giants like JD.com and Baidu. Chinese trade data will be released later this morning, which may give investors more confidence in the recovery of the Chinese markets. NIKKEI225 dipped by -0.55% mirroring the move in the US markets and at the same time, the JPY continued to weaken further despite two alleged intervention by the Japanese government to support the currency. STI dipped by -0.20% this morning as well, following a bigger than expected drop in non-oil domestic exports (NODEX).

US Equities (4 Hour Chart) - [BULLISH ↗️ *] View unchanged. As long as price is still holding above 5300.00 support, we maintain our bullish bias. Expecting the price to do a further push higher towards 5380.00 resistance is expected. Technical indicators are still advocating for further bullish upside.

CMCSA US

UNH US

US Dollar (4 Hour Chart) - [BEARISH ↘️ *] As expected, USD bounced and reached our previous target. With price now holding below resistance at 104.700, we turn bearish expecting price to resume an intraday drop back towards 103.950. Technical indicators are bearish advocating for a bearish scenario.

Brent Crude Oil Futures (4 Hour Chart) - [NEUTRAL] View unchanged as oil futures continue to whipsaw and consolidate sideways. We remain neutral for now with a slight bullish directional bias. A candlestick close above 83.65 resistance will open a short term rise towards next resistance at 84.90. Technical indicators remain mixed.

OXY US

XOM US

Gold Futures (4 Hour Chart) - [BULLISH ↗️ *] Gold futures dipped lower and is now holding above 2375.00 support. We turn bullish for now. As long as price is holding above 2375.00 support, an intraday push up towards 2410.50 resistance is expected. Technical indicators are now advocating for a bullish scenario.

GOLD US

XAUUSD

HSI Futures (4 Hour Chart) - [BULLISH ↗️ *] HSI index pushed higher, surpassing previous resistance. We turn bullish, expecting price to push higher towards 20000 resistance. Technical indicators are bullish as well, advocating for a bullish scenario.

Tencent (700 HK)

JD.Com (9618 HK)

SG Equities (4 Hour Chart) - [BEARISH ↘️ *] View remains unchanged as STI is still holding below 3325 resistance. We remain short term bearish with low conviction, expecting price to drop towards 3248 support level. RSI is reacting below resistance where price pulled lower in the past. Bearish divergence has also been posted.

DBS (D05)

OCBC (O39)

Prepared by:

Isaac Lim CMT, CFTe