Welcome to late-week trade! It was an active Thursday on Wall Street. The headliner? 2.5% bounces in #WTI and #BRENT crude oil dominated sentiment throughout the US session. #SpaceX was once again the big story for stocks, entering a consolidation phase near the $150 handle.
During the pre-US cash open, a plethora of economic reports hit the newswires. Perhaps the most important was the US Personal Consumption Expenditures (PCE) and GDP (Q1) reports. PCE came in “in line” with expectations, while GDP slightly overperformed. Of course, these are lagging indicators; one has to wonder if these figures are outdated due to the Iran War.
Here is a vital level to watch for SpaceX ($SPCX ):
All-Time Public Low, $147.11
If you’re interested in trading SpaceX, check out the https://t.co/m6jZiyd2gH CFD over at Switch Markets. CFD market access lets you buy or sell SPCX and profit from both rising or falling prices. Check out our Key Levels for more information on this https://t.co/m6jZiyd2gH Trade Idea.
Friday features a vacant economic calendar. Despite the quiet news cycle, we’ll be live at Switch Markets on YouTube at 1:00 PM EST. Be sure to join us for the latest on Iran, SpaceX, the USD, metals, and much more. See you there!
Welcome to Mid-Week Trade! Wednesday was a mixed day on Wall Street, headlined by big bearish moves in the metals markets. Both gold and silver put in major sell-offs amid a suddenly stronger USD. Key natural support levels bit the dust as metals bidders stayed on the sidelines.
On the economic news front, Wednesday’s key item was the weekly EIA crude oil inventories report. Inventories fell by more than 6 million barrels for the week and now stand 7% below the seasonally-adjusted five-year average. In addition, the United States Strategic Petroleum Reserve (SPR) is currently at its lowest level since 1983. In short, US oil supplies are down dramatically as a result of the war in Iran.
It’s been a brutal June for #gold. The market has finally broken out of a 60-day consolidation period and is on the run south beneath $4000. Here’s a support zone worth watching for the coming weeks in the #XAUUSD:
Monthly 62% Retracement, 3706.28
Monthly Bollinger Mid-Point, 3703.34
Check out our Key Levels for more information on this Trade Idea.
At press time, the MoU between Iran and the US is holding firm. We’ll have the latest on the situation tomorrow at 1:00 PM EST over at Switch Markets on YouTube. See you there!
#crudeoil stocks shrink again by 6 million barrels.
#SPR now at 1983 levels. Not much oil left in the reserve, interesting backdrop for the rest of the summer.