Gold looks primed for further upside potential

$E-mini S&P 500 Futures(SEP4)(ESmain.US)$ (4 Hour Chart) -[BULLISH ↗ *]S&P futures drifted higher. We turn bullish with low conviction for now as there are no levels for a good risk to reward play. As long as price is holding above short term support of 5540.00, a bounce towards 5600.00 resistance is expected. Technical indicators stay bullish for now.

$USD(USDindex.FX)$ (4 Hour Chart) -[BEARISH ↘ **]View unchanged. We maintain our bearish bias for now as DXY continues to drift lower. As long as price continues to hold below 105.500 resistance, a further drop lower towards 104.690 is expected. Technical indicators are now advocating for a bearish scenario.

$Gold Futures(AUG4)(GCmain.US)$ (4 Hour Chart) -[BULLISH ↗ **]Gold price pushed higher and reached range resistance. We turn bullish for now. As long as price is holding above 2338.00 support, a further push up towards 2378.00 resistance is expected. Technical indicators are turning bullish with price holding above 34 period EMA.

$Nikkei 225(.N225.JP)$ (4 Hour Chart) -[BULLISH ↗ *]While still holding in a wider range, Nikkei drifted lower and is now holding above range support at 37900. We turn bullish with low conviction for now, expecting price to do an intraday bounce towards 39350 range resistance. Technical indicators are mixed.

$HSI Futures(JUL4)(HSImain.HK)$ (4 Hour Chart) -[BEARISH ↘ *]As expected, HSI pushed higher and reached our previous resistance target. We turn bearish for the short term as long as price holds below 18650 resistance, expecting an intraday pullback towards 18100 support level. RSI indicator is toppish, testing support-turned-resistance line.

$FTSE Singapore Straits Time Index(.STI.SG)$ (4 Hour Chart) -[BULLISH ↗ *]As expected, STI drifted lower and reached previous support target. We turn low conviction bullish for now as long as price holds above 3289.00 support, a short term bounce towards 3324.50 resistance is expected. Technical indicators are mixed with MACD indicator still showing that price is within a bullish environment.

A quiet trading session last night for US equity futures as traders took a mid-week break to celebrate Juneteenth, a day to commemorate the ending of slavery in the US. $E-mini S&P 500 Futures(SEP4)(ESmain.US)$ and $E-mini NASDAQ 100 Futures(SEP4)(NQmain.US)$ both edged higher marginally by +0.27% and +0.11%. Traders coming back from their short break will now turn their focus towards tonight's unemployment claims and the manfuacturing index which could very well provide a hint about the of the economy.

Asian markets opened to a mixed start today with $HSI Futures(JUL4)(HSImain.HK)$ edging marginally higher by +0.15% with the finance sector holding up the broader market. The Chinese central bank, the PBoC, kept the 5-year and 1-year loan prime rate unchanged as expected as the CNH continues to face pressure from the USD. $Nikkei 225(.N225.JP)$ dipped by -0.74% this morning, erasing the gains from the previous day as market sentiment turned more risk-off in the short term. This comes as traders brace themselves for inflation linked data which would be released tomorrow. Markets are also seemingly pricing in the statement from BoJ Governor Ueda about raising interest rates again in the next meeting. $FTSE Singapore Straits Time Index(.STI.SG)$ drifted lower as well by -0.11% with banks and consumer discretionary seeing some weakness during this morning's trading session.

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