XAUUSD
Prediction: Decrease
Fundamental Analysis: The Gold product was reaching high level before, and it is coming bound back recently. The main driving force behind the rebound in gold prices from Tuesday's lows was the selling of the US dollar triggered by soft US PMI data, along with investors buying on dips.
Technical Analysis: The daily chart of gold shows that technical indicators are maintaining an uneven downward trend near the midline, still retracting from extremely overbought readings. Meanwhile, the gold price remains above the bullish moving average, with the 20-day moving average providing recent support around $2310 per ounce. The resistance point should be on $2305.
USDJPY
Prediction: Decrease
Fundamental Analysis: The dollar yen has reached to an over 30 years all time high price. Surpassing the bank of Japan’s in October 2022 intervention price of around $152. Investors should watch ahead of intervention from the Bank of Japan's meeting this week.
Technical Analysis: From a technical standpoint, investors can look to go long to $160 and look for bank of Japan intervention to fall back into $151.
SPX500
Prediction: Decrease
Fundamental Analysis: From a SPX500 standpoint, US economy is currently directing towards a positive uptrend. US house sales in March has announced it has beaten higher than expectation of 693K from an expected 669k.
Technical Analysis: Signaling a strong US economy, we see SPX500 experiencing a minor drawback recently but we expect the market price to reach all top high to $5286 until it makes another major drawback.
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