Weekly Technical Analysis 12/06/2023
Start your week by identifying the key price levels and trends.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
SPX 500 (1 day)
The SPX 500 could be heading towards the completion of a rising wedge pattern, with the previous peak of 4330 nearby. A break past it would expose 4390 but unlikely 4470. If the regional low at 4250 holds firm, we might experience a consolidation, but a breakdown might clear the path to 4100 should 4200 succumb to potential pressure.
WALL STREET (4 hours)
It seems that Wall Street has printed a flag at 32600 as the rising price action resembles an impulse. If bulls can reclaim 34k, we might see an attempt at 34500 should 34260 give in unless prices consolidate. On th4 flip side, 33300 is the first support to meet above 33250 in case of markets correcting first, with a slide below likely to see increasing interest towards 33k.
GOLD (4 hours)
Gold’s continued consolidation resembles a triangle pattern which, if successful, could send prices dropping towards 11915/OZ in the aftermath of a 11950/OZ breakdown. A move past the double-top formation of 11985/OZ could see a spike towards 2k but unlikely 2030/oz.
USD/JPY (2 hours)
Price action in USD/JPY also resembles a triangle pattern, which, if invalidated, could have serious repercussions to the bearish side, especially following a slide under 138.74 and 138.45. If bulls can take control of 140.25 or 140.45, an opportunity to reach the regional peak of 140.95 could be offered.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
SPX 500 (1 day)
The SPX 500 could be heading towards the completion of a rising wedge pattern, with the previous peak of 4330 nearby. A break past it would expose 4390 but unlikely 4470. If the regional low at 4250 holds firm, we might experience a consolidation, but a breakdown might clear the path to 4100 should 4200 succumb to potential pressure.
WALL STREET (4 hours)
It seems that Wall Street has printed a flag at 32600 as the rising price action resembles an impulse. If bulls can reclaim 34k, we might see an attempt at 34500 should 34260 give in unless prices consolidate. On th4 flip side, 33300 is the first support to meet above 33250 in case of markets correcting first, with a slide below likely to see increasing interest towards 33k.
GOLD (4 hours)
Gold’s continued consolidation resembles a triangle pattern which, if successful, could send prices dropping towards 11915/OZ in the aftermath of a 11950/OZ breakdown. A move past the double-top formation of 11985/OZ could see a spike towards 2k but unlikely 2030/oz.
USD/JPY (2 hours)
Price action in USD/JPY also resembles a triangle pattern, which, if invalidated, could have serious repercussions to the bearish side, especially following a slide under 138.74 and 138.45. If bulls can take control of 140.25 or 140.45, an opportunity to reach the regional peak of 140.95 could be offered.
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