ALB Limited 03.09.2024

Oil Rises with Supply Concerns

XAUUSD - Gold Technical Analysis


Ahead of critical employment data in the US, $ 2500 continues to remain an important threshold on the Ons Gold side. The inability to exceed the historical peak of $ 2528 upwards caused some profit realisations on the precious metal side. In the markets where the FED is expected to cut interest rates by 250 basis points in September, the Non-Farm Employment data to be announced this week is an important data set. The strong results of the data set may appear as a negative scenario for precious metals. On the technical side, staying above $ 2500 is the dominant factor for Ons to experience positive scenarios. 2510 and $ 2525 can be monitored as resistance in the short term at this point. 2485 and $ 2470 can be followed as support levels.

Resistances: 2510 / 2525 / 2550
Supports: 2485 / 2470 / 2450
 
XAGUSD Technical Analysis

Ons Silver continues to be priced downwards ahead of critical employment data in the US. If the selling trends continue in the precious metal, where we followed the $ 30.00 level as an important threshold last week, 28.15 and 28.00 can be followed as support levels. If possible recovery trends come to the agenda, 28.50 and 28.70 can be targeted as resistance levels in the short term.

Resistances: 28.50 / 28.70 / 29.00
Supports: 28.15 / 28.00 / 27.85
 
EUR/USD Technical Analysis

With the appreciation of the dollar index in the morning hours, a positive course is observed in the EUR / USD parity in the short term today. In the continuation of the day, 1.1050, where the 20-day exponential moving average is located, can be followed as a critical threshold. If 1.1050 is crossed downwards, 1.1030 and 1.1010 can be followed as important support levels. In upward movements, 1.1070 and 1.1085 can be followed as important resistance levels.

Resistances: 1.1070 / 1.1085 / 1.1100
Supports: 1.1030 / 1.1010 / 1.0000

NAS100 Technical Analysis

Manufacturing PMI data for August will be closely monitored in the US today. If the data comes in above expectations, global markets may experience short-term pullbacks. If a data below expectations is announced, this may increase the possibility of a rate cut, which may lead to the appreciation of precious metals and stocks and a positive market outlook in the short term. In technical terms, if the downward movements in the 2024 September futures index contract, which followed a negative course in the morning hours, continue, the levels of 19,460, where the 20-day exponential moving average is located, and 19370, which corresponds to the 23.6% Fibonacci slice, can be followed as important support points. In upward movements, 19660 and 19770 levels can be followed as critical resistance levels.

Resistances: 19660 / 19770 / 19900
Supports: 19460 / 19370 / 19220
 
 
UKOIL Technical Analysis

UKOIL is following a positive course with the effect of supply cuts in Libya. However, uncertainties in China's economic outlook and demand concerns continue to cause gains to remain limited. Technically, if the upward movements continue, 78.10, where the 10-day exponential moving average is located, can be followed as an important resistance level. In downward movements, 77.10 and 76.70 can be followed as important support levels.

Resistances: 78.10 / 78.80 / 79.10
Supports: 77.10 / 76.70 / 76.30

Tags: Technical Analysis, Analysis, Forex

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