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Last Friday, US stock indices closed higher, with the S&P 500 up by 0.79% and the Nasdaq 100 gaining 1.15%. The Dow Jones Industrial Average increased by 1.01%.
The record rise in global equities received a new boost amid signs that the United States and China are moving closer to a trade agreement, which has driven prices for copper and oil higher. Treasury bonds fell across the curve, and gold prices decreased due to reduced demand for traditional safe-haven assets.
The failure of protectionist measures and hopes for a resurgence in free trade have revitalized the industrial sectors of both countries. Industrial giants, tech companies, and energy corporations experienced a surge in activity, showing solid price gains. Overvalued gold, typically a refuge in times of instability, had to yield its status to stocks and commodities. Investors, who have long been awaiting positive news, finally saw a glimmer of hope on the horizon.
As risk appetite has grown, gold prices have fallen by 0.8%, approximately to $4,080 per ounce, while the yield on 10-year treasury bonds rose by four basis points to 4.04%. Soybean prices increased amid hopes for a revival in bilateral trade for this commodity. The Australian and New Zealand dollars, popular indicators of China's influence, strengthened.
The reduction of trade tensions between the two largest economies in the world has instilled confidence in investors, leaving open the possibility for the rally that began from April's lows, when markets collapsed in response to President Donald Trump's decision to rewrite global trade rules and impose new tariffs.
This growth will face a serious test this week as the Federal Reserve prepares to release its policy decision. Also, please bear in mind the earnings season and the financial results of American technology companies. Traders will also be looking for statements from central banks, including the interest rate decisions from the European Central Bank and the Bank of Japan. The Fed is expected to lower interest rates by 25 basis points.
Regarding the technical picture of the S&P 500, today's key objective for buyers will be to overcome the nearest resistance level of $6,854. This would signal further growth and open the door for a push to a new level of $6,874. Another priority for bulls will be to maintain control over the $6,896 mark, which would strengthen their positions. If prices move downward due to reduced risk appetite, buyers must establish themselves around $6,837. A breakout below this level could quickly drive the instrument back to $6,819 and open the path to $6,801.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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