Market shows sturdy uptrends
01 November 2021
Benchmark US equity indices recorded all-time highs on Friday sending a strong message that the market is exceptionally robust.
All major indices registered record highs even though Amazon and Apple missed earnings. EUR/USD rallied after the US third quarter GDP proved weaker than expected.
US Dollar performed at its peak in the last week and is all set to challenge the yearly top of 94.55. All eyes are on the Federal Reserve which is expected to announce its tapering plan this week. The Societe Generale, in his briefing, announced that they are anticipating a 520K job gain for nonfarm payrolls.
However, despite a stronger US Dollar, AUD/USD remained on its back foot falling 0.03% towards 0.7500. To challenge June’s high of 0.7620, the pair needs to maintain a sustained run-up beyond 0.7560.
Gold remained pressured after it witnessed the heaviest daily fall in a fortnight. The forecast is also showing a possible downward movement in the coming weeks. Any attempt to recover from this fall may face stiff resistance near the $1,790 mark.
Silver continues its poor show dropping to its lowest in one week. Nevertheless, the sellers are hopeful seeing the receding RSI line and MACD’s easing bullish bias.