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  • Writer's pictureDragostin Kozhuharov

Quiet Thursday so far before NFP Friday

Equity indices have been moving mostly sideways since the big green day on Monday. The SP500 was trading lower earlier today around the 3050 mark.

SP500 Daily Chart

Oil moved lower after inventories yesterday showed a small build. WTI was trading below 47$ per barrel earlier today, as Saudi Arabia and Russia are in disagreement over further supply cuts. There is a OPEC+ meeting today in Vienna and potential headlines from there could create more volatility in the market.

WTI Daily Chart

Gold has recovered the losses suffered last Friday. The precious metal didn't trade as safe haven on that day, as traders were closing winning positions, in order to have sufficient funds to cover margin calls on equities.

Earlier today it was trading just below the 1652.49 which is the high for this week so far. Next potential resistance is the 2020 high of 1689.31. Right after that we have the 1700 handle.

For traders who might be interested in potential downward movements in Gold, next support lies at 1600 handle. Then we have last Friday's low of 1562.85.

Gold Daily Chart

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