Daily Market Review - 06/02/2014

US Markets (Dow Jones)

US indices finished mixed on Friday as markets were volatile after the release of mixed US economic reports. The Dow Jones rose by 0.11%, the S&P 500 by 0.18%, and the NASDAQ fell by 0.13%. Facebook fell by 0.83%, closing at 63.20 a share. Technically, the Dow Jones remains bullish as long as the index holds the support level of 16,640. The 4-hour chart points to a further rise in the index.

eBay

eBay shares rose by 1.18% to close at $50.58. Technically, and according to the 4-hour chart, the share is trading below the resistance of 52.30. Breaching the resistance may lead the share towards 53.20, while crossing below 50.00 may take it to a new low at 48.50.

Gold

Gold fell by 0.59%, closing at $1248 an ounce after a US equity rally and signs of easing tensions in Ukraine curbed demand for the precious metal as a haven. Technically, according to the daily chart, gold is forming a descending channel. Crossing the support may lead it to $1,220. The RSI indicator is holding below 50, which also supports the bearish momentum.

Crude Oil

Crude Oil fell by 0.83%, closing at $102.71 a barrel. Technically, it is forming a Double Bottom pattern on the 1-hour chart, having crossed above the Moving Average 50. Maintaining this and breaching the resistance of $103.70 could lead oil to $104.40.

Euro (EUR)

The euro rose versus most of its major counterparts on expectations of monetary easing by the European Central Bank. Technically, according to the daily chart, 1.3640 is a critical resistance level, and holding below this level should take the currency to around 1.3580. The MACD indicator is trading below 0, suggesting a further downtrend. Today, the German Prelim CPI m/m is expected at -0.2% previous vs. 0.1% forecast.

Pound (GBP)

The Pound rose versus the other major currencies. Technically, according to the daily chart, the GBP/USD is trading in an Ascending Channel and the momentum is positive. Breaking below the support level of 1.6700 could lead the pair to 1.6550. Today, the Manufacturing PMI is expected at 57.3 previous vs. 57.1 forecast.

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