INFORMATION
MORE FROM US
Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products are high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.
Rockfort Markets we are committed to your privacy, see our privacy policy for details. If we have not met your expectations and you wish to make a complaint, Rockfort Markets should be your first point of contact. Please refer to our complaints process for details.
Rockfort Markets is also a member of an independent dispute resolution scheme. If a satisfactory outcome cannot be achieved, you may refer your complaint to Financial Services Complaints Limited (“FSCL”), an approved dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Our participant details can be found at http://www.fscl.org.nz/ and our membership number is 6397. FSCL will not charge a fee to any complainant to investigate or resolve a complaint. Their contact details are: Financial Services Complaints Ltd, PO Box 5967, Wellington 6145 New Zealand. Telephone: +64 4 472 3725, Freephone: 0800 347 257, Email: complaints@fscl.org.nz, Website: http://www.fscl.org.nz/
Rockfort Markets Ltd is a company registered in New Zealand (NZBN 9429042010807) located at Level 2, 22 Fanshawe Street, Auckland Central, Auckland 1010; PO Box 5382, Victoria Street West, Auckland. Rockfort Markets Ltd is a registered Financial Service Provider (FSP509766) and holds a Derivative Issuer Licence issued by the Financial Markets Authority.
XAU/USD – Interest Rate speculations in the US may give Gold a direction.
Here are today’s directional views from our market research desk! These can be starting points for your own research to identify opportunities that suit your trading charts and trading style. Like what you see? Feel free to forward this to a friend!
Please note that the analysis presented in the charts below should not be considered investment or trading advice. They are for educational purposes only and you should consider seeking advice from an independent financial advisor.
Markets stop back on China unrest
US500 or S&P 500 index closed lower on Monday on the concerns of social unrest from China’s prolonged dynamic covid policy and restrictions. The S&P 500 dropped by -1.54% below the Pivot on the chart and towards the bottom support of the upward bullish channel. The Dow Jones Industrial Average went down by -1.45%, and the Nasdaq composite ended by -1.58%.
US500 Daily Chart Directional bias - 1 Week
Trade Insights – US500 – Chart shows viable long positions above the pivot at 3983 with the target to test the key resistance Level at 4060 and then the test of the resistance zone between 4120 to 4140.
Alternatively, possible short positions below the pivot at 3983 heading towards the target of key support level at 3910 and then the further test of the support zone between 3830 to 3800.
XAU/USD – Interest Rate speculations in the US may give Gold a direction.
Chart Analysis: The gold chart shows that the pair has moved up Major Pivot at $1745 and has recovered quite a bit of lost ground from yesterday when price dropped around $1740. Gold is trading well above the $1600 two-year low that was touched in late September. The speculations in the markets are quite strong now that the Feds will be forced to slow the pace of interest rate hikes.
The 20-day SMA is rising to provide support to the prices in the next sessions and the 50-day SMA is gradually rising too. The MACD line has moved downward and crossed below the orange signal line.
Please check the Chart Trading Insights below
Daily Chart Directional bias - 1 Week
Trade Insights – XAU/USD
Chart shows viable long positions above the major pivot point at $1745 heading towards the first target of the key resistance level at $1785 and then testing of key resistance zone between $1800 to $1810.
Possible entry of long above below the major pivot at $1745.
Potential first-take profit could be at – $1785
Potential second take profit could be at – $1800 to 1810.
Alternatively, possible short positions below the major pivot point at $1745 with the target to test the key support level at $1728 then the test of the support zone between $1700 to $1690.
Possible entry for short trades below the major pivot point at $1745.
Potential first take profit could be at – $1772
Potential second take profit could be at – $1700
Potential third take profit could be at – $1690.
Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products. Comments and analysis reflect the views of Rockfort Markets at any given time and are subject to change at any time. Moreover, they cannot constitute a commitment or guarantee on the part of Rockfort Markets. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance. The foreign exchange market and financial derivatives such as futures, CFDs (Contracts for Difference), warrants, turbos or certificates involve a high degree of risk. They require a good level of financial knowledge and experience. Rockfort Markets recommends the consultation of a financial professional who would have a perfect knowledge of the financial and patrimonial situation of the recipient of this message and would be able to verify that the financial products mentioned are adapted to the said situation and the financial objectives pursued. Rockfort Markets recommends reading the “Product Disclosure Statement” section of website for any financial product mentioned.