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Futures Commentary by Everbright Futures: On September 7th, COMEX gold continued its sideways trading, closing at $4452.0 per ounce, down 0.55%. Domestic SHFE gold futures continued to hover around 960 points in the night session, closing at 954.1 yuan per gram, down 0.04%. 1. News: The US-Canada trade war escalated, with Canada planning to impose tariffs ranging from 15% to 50% on hundreds of US goods on Tuesday. Trump threatened to ban the sale of Bombardier aircraft in the US. Geopolitically, Saudi Aramco oil facilities were attacked again, and traffic in the Strait of Hormuz fell to its lowest level since May. Regarding central banks, Chinas gold reserves at the end of August were 76.73 million ounces (approximately 2386.57 tons), an increase of 650,000 ounces (approximately 20.22 tons) month-on-month. The Peoples Bank of China has increased its gold holdings for the 22nd consecutive month. 2. CME data shows that interest rate hike expectations are still rising. If the FOMC does raise rates in September, it will mark a reversal of the policy tone of the easing cycle that has been in place since 2024. However, given the influence of US Treasury bonds, a rate hike would essentially mean that market expectations have been met. Nevertheless, with interest rate hike expectations fluctuating, there is significant uncertainty surrounding the September Fed meeting, and price performance may also be volatile. The US August PPI and CPI data will be released successively from September 10th to 11th, which may provide strong guidance for the Feds interest rate decision, and the market may experience increased intraday volatility around these data releases.Sri Lankan Ceylon Petroleum executives: In addition to WTI and Siberian Light crude, they are testing Sahara blends to diversify their refining feedstock sources.Sri Lankan Ceylon Petroleum executives: Seeking foreign joint venture partners with access to crude oil to expand refining capacity.Sri Lankan Ceylon Petroleum executives: Plans to double refining capacity to 100,000 barrels per day within four years.The British government has pledged £100 million to provide Ukraine with an air defense solution, including Patriot missiles.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Reversal Top Will Put 4004.75 on Radar

Florala Chen

Jun 01, 2022 15:21

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The response of traders at 4155.75 will most likely influence the direction of the June E-mini S&P 500 Index into Tuesday's closing.


Soaring oil prices and hawkish remarks from a Federal Reserve official worried investors, and June E-mini S&P 500 Index futures were trading substantially down immediately after the cash market opened on Tuesday.


At 13:49 GMT, the benchmark index was trading at 4109.25, down 46.50 points or 1.12%. The S&P 500 Trust ETF (SPY) is now trading at $410.89, down $4.37 or 1.05 percent from its previous close.


A decline in European equities overnight weighed on the market as Brent crude oil rose beyond $123 a barrel. The European Union's decision to partly ban Russian oil and China's decision to eliminate certain COVID-19 limitations were the drivers for the surge.


Sellers were also responding to a Fed official's hawkish remarks. Governor Christopher Waller of the Federal Reserve said on Monday that the US central bank should be prepared to hike rates by a half percentage point at each meeting from now on until inflation is well controlled.


Investors are now waiting for the result of President Joe Biden's meeting with Federal Reserve Chair Jerome Powell later in the day.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is up. The early price action, on the other hand, shows that momentum is about to move to the negative.


The return of the uptrend will be signaled by a trade through 4202.25. The major trend will shift to the downside if the price breaks through 3807.50.


The midpoint is between 4509.00 and 3807.50. The advance at 4202.25 earlier in the session was halted by its retracement zone around 4158.25 to 4241.00.


3807.50 to 4202.25 is the short-term range. The next negative objective is the retracement zone between 4004.75 to 3958.25.

Technical Forecast for the Daily Swing Chart

The response of traders at 4155.75 will most likely influence the direction of the June E-mini S&P 500 Index into Tuesday's closing.

Scenario that is bearish

The presence of sellers will be shown by a persistent move below 4155.75. Look for selling pressure to continue into 4004.75 to 3958.25 if this move is able to build enough bearish momentum.

Possibilities for Growth

The presence of buyers will be signaled by a prolonged advance over 4155.75. Overtaking 4158.25 will signal that the purchasing is becoming more powerful. This might provide the necessary upward impetus to surpass 4202.25 and challenge the Fibonacci level at 4241.00.

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