S&P500 (SPX) Price Analysis – Feb 21, 2025
Daily Price Outlook
During the latest trading session, the S&P 500 (SPX) Index struggled to halt its bearish trend, remaining under pressure around the 6,117 level and hitting an intra-day low of 6,084. The downward momentum was driven by cautious investor sentiment amid economic uncertainties and shifting Federal Reserve expectations.
Stronger US Dollar and Fed’s Cautious Stance Keep S&P 500 Under Pressure
On the US front, the broad-based US Dollar remained strong, with the Dollar Index (DXY) hovering around 106.50, despite higher-than-expected jobless claims rising to 219,000.
However, weak economic data usually pressures a currency, the USD gained support as investors sought safety amid uncertainty. Moreover, Federal Reserve officials maintained a cautious stance on inflation, signaling that interest rates may stay higher for longer, which further boosted the greenback.
St. Louis Fed President Alberto Musalem also raised concerns about stagflation risks, while Atlanta Fed President Raphael Bostic suggested that rate cuts remain possible this year, depending on upcoming economic data.
Meanwhile, the recent FOMC meeting minutes revealed the Fed's cautious approach, reinforcing expectations that interest rate reductions may be delayed. As a result, the S&P 500 faced selling pressure, as higher interest rate concerns dampened investor sentiment.
Impact of S&P Global PMI Data on the US Dollar and Equities
Moving ahead, the latest S&P Global PMI data for February played a crucial role in market movements. Investors closely watched the preliminary US Manufacturing and Services PMIs, which offered insights into economic activity.
The Manufacturing PMI was expected to edge higher from 51.2 to 51.5, while the Services PMI was anticipated to rise from 52.9 to 53.0.
However, the stronger-than-expected services sector performance could provide some support to the US Dollar, adding pressure on equities, including the S&P 500. However, if the Services PMI unexpectedly dips below 50, signaling economic contraction, the market could witness a shift in sentiment.
Apart from this, concerns about rising input costs in the service sector and a resilient labor market could reinforce expectations of a “higher for longer” Federal Reserve stance, further limiting the upside for stocks.
Geopolitical Tensions and Trade Uncertainty Weigh on Market Sentiment
Apart from economic data, geopolitical factors also played a role in the S&P 500’s decline. The global trade environment remains uncertain, with potential tariff policies adding pressure on financial markets.
Former US President Donald Trump confirmed a 25% tariff on pharmaceutical and semiconductor imports starting in April, alongside continued auto tariffs. These developments fueled concerns about trade tensions, leading to increased market volatility.
Despite the ongoing pressure, traders are closely monitoring upcoming economic releases and central bank commentary for further direction. If US economic indicators continue to show resilience, the S&P 500 may struggle to recover in the near term.
However, any signs of easing inflationary pressures or a shift in Fed policy expectations could provide temporary relief to the index.
S&P 500 – Technical Analysis
The S&P 500 (SPX) is trading at $6,117.51, slightly down by 0.01%, reflecting a cautious market sentiment. Despite the minor decline, the index remains above the key pivot point at $6,093.87, maintaining a bullish outlook as long as it holds above this level.
The pivot point is a crucial support zone, bolstered by the 50-Day Exponential Moving Average (EMA) at $6,057.00, which is providing dynamic support.
If the S&P 500 continues to trade above the pivot point, it is likely to target the immediate resistance at $6,128.99.
Breaking above this resistance could fuel further bullish momentum towards the next resistance levels at $6,171.70 and $6,219.27. These levels are significant as they mark potential breakout zones that could lead to new highs.
On the flip side, if the index falls below the pivot point at $6,093.87, it could encounter selling pressure, pushing it down to the immediate support at $6,049.53.
A break below this level would expose the next support zones at $6,008.89 and $5,969.55. These supports are critical in preventing a deeper correction and maintaining the long-term bullish trend.
From a strategic perspective, the recommended entry point is to buy above $6,094, targeting a take profit at $6,172 while setting a stop loss at $6,049 to manage downside risk. This approach aligns with the bullish sentiment supported by the upward trendline and the 50 EMA.
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S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish Momentum Above Pivot: S&P 500 remains bullish above $6,093.87, with resistance at $6,128.99 and $6,171.70 in focus.
- Bearish Risk Below Support: A break below $6,093.87 could lead to support tests at $6,049.53 and $6,008.89.
- Strategic Entry Point: Buy above $6,094, with a take profit at $6,172 and a stop loss at $6,049 for effective risk management.
The S&P 500 (SPX) is trading at $6,117.51, slightly down by 0.01%, reflecting a cautious market sentiment. Despite the minor decline, the index remains above the key pivot point at $6,093.87, maintaining a bullish outlook as long as it holds above this level.
The pivot point is a crucial support zone, bolstered by the 50-Day Exponential Moving Average (EMA) at $6,057.00, which is providing dynamic support.
If the S&P 500 continues to trade above the pivot point, it is likely to target the immediate resistance at $6,128.99.
Breaking above this resistance could fuel further bullish momentum towards the next resistance levels at $6,171.70 and $6,219.27. These levels are significant as they mark potential breakout zones that could lead to new highs.
On the flip side, if the index falls below the pivot point at $6,093.87, it could encounter selling pressure, pushing it down to the immediate support at $6,049.53.
A break below this level would expose the next support zones at $6,008.89 and $5,969.55. These supports are critical in preventing a deeper correction and maintaining the long-term bullish trend.
From a strategic perspective, the recommended entry point is to buy above $6,094, targeting a take profit at $6,172 while setting a stop loss at $6,049 to manage downside risk. This approach aligns with the bullish sentiment supported by the upward trendline and the 50 EMA.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6094
Take Profit – 6172
Stop Loss – 6049
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$780/ -$450
Profit & Loss Per Mini Lot = +$78/ -$45
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Key Resistance: 6128; Breakout may push toward 6171.
- Key Support: 6049; Decline below could accelerate selling.
- Outlook: Bullish above 6094, with a target at 6163.
The S&P 500 (SPX) is trading at 6115.08, up 0.01%, as the index continues to hover near record highs despite mixed economic signals.
The benchmark remains supported above its pivot point of 6093.87, indicating a positive underlying trend.
From a technical perspective, the index maintains its position above the 50-day EMA at 6054.58, suggesting sustained bullish sentiment. Immediate resistance is seen at 6128.99, with a potential move toward 6171.70 if the index breaks through.
A successful climb beyond this level could open the path toward 6219.27, marking a new high for the year.
On the downside, immediate support rests at 6049.53, with subsequent levels at 6008.89 and 5969.55. A drop below the 6049 mark may trigger profit-taking and shift sentiment toward the bearish side.
The Relative Strength Index (RSI) indicates neutral territory, suggesting room for further gains if buying pressure intensifies.
Fundamental factors also contribute to the cautious optimism, with strong corporate earnings providing support despite concerns about inflation and potential interest rate adjustments.
Recent PPI data showed a modest uptick, reinforcing the Fed’s cautious stance on rate cuts, which investors are closely monitoring.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6094
Take Profit – 6163
Stop Loss – 6049
Risk to Reward – 1:1.5
Profit & Loss Per Standard Lot = +$690/ -$450
Profit & Loss Per Mini Lot = +$69/ -$45
S&P500 (SPX) Price Analysis – Feb 14, 2025
Daily Price Outlook
S&P 500 (SPX) Index maintained its bullish trend and surged past the 6,116 level in intraday trading, marking an increase of over 1% as investor sentiment improved.
However, the rally was largely driven by US President Donald Trump's decision to postpone the implementation of reciprocal tariffs, alleviating some trade war concerns.
Global markets remained strong, with European indexes set for their eighth consecutive weekly gain. Trump's announcement to hold off on imposing new tariffs suggested a willingness to negotiate, which helped fuel optimism among investors.
However, uncertainty remains as previous tariffs on Mexico, Canada, and China continue to impact global trade.
S&P 500 Gains Momentum as US Dollar Weakens and Inflation Remains Sticky
On the other hand, the broad-based US dollar weakened, with the Dollar Index (DXY) dropping to 107.50. This decline came as progress in Russia-Ukraine peace talks boosted investor confidence, reducing demand for the safe-haven dollar.
Hence, the weaker dollar typically benefits stocks, and this shift in sentiment helped the S&P 500 gain traction. Investors turned their focus to riskier assets, pushing equities higher as optimism about geopolitical stability improved.
Meanwhile, fresh inflation data from the US showed that price pressures remain strong. The Producer Price Index (PPI) rose by 3.5% in January, exceeding expectations of 3.2%, while core PPI, which excludes food and energy, climbed to 3.6%. These figures indicate that inflation is still sticky, raising concerns that the Federal Reserve may delay its expected interest rate cuts.
Despite these inflation concerns, the S&P 500 continued its upward movement, supported by strong corporate earnings and improved risk appetite. Investors remain hopeful that economic growth and easing geopolitical tensions will sustain the stock market's positive momentum.
Investor Focus on US Retail Sales Data
Moving ahead, investors are keeping an eye on the upcoming US Retail Sales data, which could impact market trends. If sales are strong, it may boost confidence in the economy and support stock market gains. On the other hand, weaker data could raise expectations that the Federal Reserve might cut interest rates sooner.
S&P 500 – Technical Analysis
The S&P 500 (SPX) is trading at 6115.08, up 0.01%, as the index continues to hover near record highs despite mixed economic signals.
The benchmark remains supported above its pivot point of 6093.87, indicating a positive underlying trend.
From a technical perspective, the index maintains its position above the 50-day EMA at 6054.58, suggesting sustained bullish sentiment. Immediate resistance is seen at 6128.99, with a potential move toward 6171.70 if the index breaks through.
A successful climb beyond this level could open the path toward 6219.27, marking a new high for the year.
On the downside, immediate support rests at 6049.53, with subsequent levels at 6008.89 and 5969.55. A drop below the 6049 mark may trigger profit-taking and shift sentiment toward the bearish side.
The Relative Strength Index (RSI) indicates neutral territory, suggesting room for further gains if buying pressure intensifies.
Fundamental factors also contribute to the cautious optimism, with strong corporate earnings providing support despite concerns about inflation and potential interest rate adjustments.
Recent PPI data showed a modest uptick, reinforcing the Fed’s cautious stance on rate cuts, which investors are closely monitoring.
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S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- S&P 500 holds above 6057.69 pivot, reinforcing bullish sentiment.
- Immediate resistance at 6127.64; a break above could fuel further gains.
- 50-day EMA at 6057.18 provides key dynamic support for the uptrend.
The S&P 500 (SPX) is trading at 6083.56, up 0.36%, as the index continues its bullish momentum amid strong investor confidence. With market participants weighing Federal Reserve policy expectations and earnings results, the broader trend remains constructive.
The pivot point at 6057.69 is a key reference level for traders. A sustained move above this level strengthens the bullish outlook, with immediate resistance at 6127.64, followed by 6171.70 and 6219.27. If momentum persists, the index could target fresh highs, reinforcing optimism in equity markets.
On the downside, support lies at 6013.62, followed by 5969.55 and 5904.50. A break below these levels would signal weakness, potentially triggering a short-term pullback. However, strong buying interest near the pivot suggests continued resilience in the broader trend.
The 50-day EMA at 6057.18 acts as dynamic support, confirming the index's uptrend. As long as the price remains above this level, the bullish bias stays intact. A close below it could indicate a loss of momentum, bringing 6013.62 into focus as key support.
S&P 500 remains bullish above 6058, with a suggested buy entry at this level, targeting 6127 as a take-profit zone. A stop-loss at 6013 is recommended to manage downside risks.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6058
Take Profit – 6127
Stop Loss – 6013
Risk to Reward – 1:1.6
Profit & Loss Per Standard Lot = +$690/ -$449
Profit & Loss Per Mini Lot = +$69/ -$44
S&P500 (SPX) Price Analysis – Feb 07, 2025
Daily Price Outlook
The S&P 500 rose 0.3% on Thursday, its third straight gain, while the Nasdaq Composite added 0.5%. The Dow Jones Industrial Average fell 125 points (-0.30%) as investors were cautious before the US Non-Farm Payrolls (NFP) report on Friday.
Weekly jobless claims came in at 219,000, slightly above the 214,000 expected, indicating a mild slowdown in the labor market. While private payrolls grew in January, job openings saw the largest decline in 14 months, which may delay rate cuts until at least June 2025.
Tech Stocks Face Pressure Amid AI Investment Concerns
Earnings reports were in focus with Amazon (AMZN) to report after the close. Investors were keen on the company’s AI investment plans following capital expenditure concerns among Big Tech. Alphabet (GOOG) was sold off after its 2025 outlook exceeded Wall Street estimates.
Meanwhile Eli Lilly (LLY) rose 3% on strong Zepbound demand and Yum! Brands (YUM) jumped 9% on Taco Bell sales. Ford (F) fell 7% after profit guidance missed estimates and uncertainty over US, Canada and Mexico trade talks.
Chip Stocks Slide Ahead of Key Economic Data
The semiconductor sector was under pressure with Qualcomm (QCOM) down 3% after patent licensing outlook disappointing after the Huawei contract expired. Arm Holdings (ARM) fell 3% after missing high expectations for AI-driven growth and Skyworks Solutions (SWKS) plunged 24% after warning of reduced Apple (AAPL) demand for iPhone 17.
Now investors are looking to Friday’s NFP report which is expected to show 169,000 new jobs, down from 256,000 in December. A weaker print may support rate cuts later in the year while a stronger print may mean higher for longer rates and keep markets on edge.
S&P 500 – Technical Analysis
The S&P 500 (SPX) is trading at 6083.56, up 0.36%, as the index continues its bullish momentum amid strong investor confidence. With market participants weighing Federal Reserve policy expectations and earnings results, the broader trend remains constructive.
The pivot point at 6057.69 is a key reference level for traders. A sustained move above this level strengthens the bullish outlook, with immediate resistance at 6127.64, followed by 6171.70 and 6219.27. If momentum persists, the index could target fresh highs, reinforcing optimism in equity markets.
On the downside, support lies at 6013.62, followed by 5969.55 and 5904.50. A break below these levels would signal weakness, potentially triggering a short-term pullback. However, strong buying interest near the pivot suggests continued resilience in the broader trend.
The 50-day EMA at 6057.18 acts as dynamic support, confirming the index's uptrend. As long as the price remains above this level, the bullish bias stays intact. A close below it could indicate a loss of momentum, bringing 6013.62 into focus as key support.
S&P 500 remains bullish above 6058, with a suggested buy entry at this level, targeting 6127 as a take-profit zone. A stop-loss at 6013 is recommended to manage downside risks.
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S&P500 (SPX) Price Analysis – Jan 31, 2025
Daily Price Outlook
The S&P 500 (SPX) is currently trading around the 6,071 level, reaching an intra-day high of 6,086. Despite this upward movement, the index is facing resistance due to increasing economic uncertainty and trade tensions fueled by US President Donald Trump’s aggressive tariff policies.
Investors remain cautious as Trump reiterated plans to impose a 25% tariff on Canada and Mexico while confirming that China would also face new trade restrictions.
However, no specific timeline has been provided for these measures, leading to uncertainty in the financial markets.
Moreover, Trump has threatened 100% tariffs on BRICS nations if they attempt to introduce an alternative currency to challenge the US dollar in global trade.
These developments have heightened risk aversion, with investors weighing the potential impact on global economic stability and corporate earnings.
Mixed US Economic Data and Fed's Cautious Stance Weigh on S&P 500
However, the US economic outlook remains mixed, further complicating the S&P 500’s trend. On the data front, the latest report from the Department of Commerce showed that the US Gross Domestic Product (GDP) Annualized (Q4) declined to 2.3%, missing the expected 2.6% and falling from the previous quarter’s 3.1% growth.
This lower-than-expected GDP figure has added to concerns about a potential slowdown in economic activity.
At the same time, Initial Jobless Claims for the week ending January 24 came in at 207K, better than the forecast of 220K and improving from the previous week’s 223K. While this indicates some resilience in the labor market, it is not strong enough to offset broader concerns about economic growth.
Meanwhile, the US Dollar Index (DXY) remains higher, trading above 104.00, as the Federal Reserve’s hawkish stance continues to support the greenback.
The Fed recently decided to hold interest rates steady in the 5.25%-5.50% range, marking a pause after three consecutive rate hikes.
Fed Chair Jerome Powell emphasized the need for further progress on inflation or signs of labor market weakness before considering rate cuts.
This cautious approach from the central bank has contributed to uncertainty in equity markets, preventing the S&P 500 from gaining further momentum.
US Tariffs and Economic Data Impact on the S&P 500
On the flip side, the US President has announced plans to impose tariffs on imports of critical industries, including computer chips, pharmaceuticals, steel, aluminum, and copper, aiming to shift production back to the United States.
Treasury Secretary Scott Bessent has proposed universal tariffs starting at 2.5%, which could rise to as much as 20%, reflecting Trump’s broader protectionist stance.
Looking ahead, market participants are closely watching key economic data, including the US Personal Consumption Expenditures (PCE) Price Index, due later on Friday.
This data will provide further insights into inflation trends and potential future actions by the Federal Reserve, which could influence the direction of the S&P 500 in the coming weeks.
S&P 500 – Technical Analysis
The S&P 500 continues its upward trajectory, currently trading at 6071.18 after gaining 0.53%. The index remains above the key pivot level at 6071.18, suggesting that bullish momentum is still intact.
Immediate resistance is seen at 6127.64, with further upside targets at 6171.70 and 6219.27. A break above these levels could extend the rally toward fresh highs as investor sentiment remains positive.
On the downside, immediate support lies at 6013.62, with additional key levels at 5969.55 and 5904.50. A drop below 6013.62 could trigger a corrective move, potentially testing lower support levels.
However, with the 50-day EMA positioned at 5971.80, buyers may step in on any pullback, keeping the broader trend intact.
Technically, the S&P 500 remains in a strong bullish trend, with higher highs and higher lows confirming positive momentum. As long as the index sustains above 6058, buyers are likely to remain in control, with a potential move toward 6127 in the near term.
Conversely, a failure to hold above 6013.62 could invite profit-taking and open the door for a pullback toward 5969.55.
Overall, the outlook remains bullish, with traders eyeing a breakout above 6127.64 for continued gains. However, monitoring volume and broader market sentiment will be key in confirming further upside.
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S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- S&P 500 remains bullish above 6071.18, eyeing resistance at 6127.64 and 6171.70.
- 50-day EMA at 5971.80 provides strong support, keeping buyers in control.
- Break below 6013.62 may lead to a correction toward 5969.55.
The S&P 500 continues its upward trajectory, currently trading at 6071.18 after gaining 0.53%. The index remains above the key pivot level at 6071.18, suggesting that bullish momentum is still intact.
Immediate resistance is seen at 6127.64, with further upside targets at 6171.70 and 6219.27. A break above these levels could extend the rally toward fresh highs as investor sentiment remains positive.
On the downside, immediate support lies at 6013.62, with additional key levels at 5969.55 and 5904.50. A drop below 6013.62 could trigger a corrective move, potentially testing lower support levels.
However, with the 50-day EMA positioned at 5971.80, buyers may step in on any pullback, keeping the broader trend intact.
Technically, the S&P 500 remains in a strong bullish trend, with higher highs and higher lows confirming positive momentum. As long as the index sustains above 6058, buyers are likely to remain in control, with a potential move toward 6127 in the near term.
Conversely, a failure to hold above 6013.62 could invite profit-taking and open the door for a pullback toward 5969.55.
Overall, the outlook remains bullish, with traders eyeing a breakout above 6127.64 for continued gains. However, monitoring volume and broader market sentiment will be key in confirming further upside.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6058
Take Profit – 6127
Stop Loss – 6008
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$690/ -$500
Profit & Loss Per Mini Lot = +$69/ -$50
S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- S&P 500 holds a bullish bias above 6118.72, with key resistance at 6165.39.
- The 50 EMA at 5953.68 acts as a critical support level, sustaining the uptrend.
- A breakout above 6165.39 could lead to further gains toward 6219.20.
The S&P 500 (SPX) is trading at 6118.72, marking a 0.53% increase as the index sustains its bullish momentum above the key pivot level of 6118.72.
The immediate resistance is at 6165.39, with further upside targets at 6219.20 and 6267.23. A decisive break above these levels could reinforce the bullish outlook and attract additional buying interest, potentially pushing the index toward fresh highs.
On the downside, immediate support is observed at 6043.67, followed by deeper levels at 5979.98 and 5922.19. The 50-day Exponential Moving Average (EMA) stands at 5953.68, providing dynamic support and indicating a continuation of the broader uptrend.
Maintaining above this level signals strength, while a break below could introduce selling pressure, bringing the index toward lower support zones.
From a technical standpoint, the index remains within an ascending trend, with buying interest prevailing above the pivot point.
However, traders should monitor market sentiment and macroeconomic factors, which could influence volatility and direction.
A breakout above 6165.39 may accelerate bullish momentum, while failure to sustain above the pivot could see the index retreat toward key support levels.
S&P 500 - Trade Ideas
Entry Price – Buy Above 6096
Take Profit – 6180
Stop Loss – 6039
Risk to Reward – 1: 1.5
Profit & Loss Per Standard Lot = +$840/ -$570
Profit & Loss Per Mini Lot = +$84/ -$57
S&P500 (SPX) Price Analysis – Jan 24, 2025
Daily Price Outlook
The global market sentiment has been flashing red, as witnessed by the bearish performance of the S&P 500 index, which is trading at the 6,118 level, hitting the intra-day low of 6,074.
However, the reason for its downward trend can be attributed to several factors, including concerns over inflation, uncertain global trade relations, and the anticipated decisions from the US Federal Reserve.
Apart from this, geopolitical tensions, particularly in the Middle East, and concerns over global trade disruptions have dampened investor confidence.
As a result, the S&P 500 has been facing significant headwinds, with fears of an economic slowdown weighing heavily on investor sentiment.
US Dollar, Fed Rate Cut, and US Tariff News Impact on the S&P 500
One of the key factor impacting the performance of the S&P 500 is the uncertainty surrounding US monetary policy. Recently, the US Dollar Index (DXY) dropped, reflecting growing expectations that the Federal Reserve will cut interest rates.
President Donald Trump has been vocal about pushing the Fed to lower borrowing costs, even suggesting that rates should be cut immediately.
The US dollar's weakness has been partly fueled by these calls for rate cuts and by President Trump's comments about trade tariffs with China.
As a result, market participants are closely monitoring these developments, as rate cuts could support the economy by making borrowing cheaper, thus potentially benefiting corporate earnings in the long run.
However, concerns also linger that rate cuts could signal economic weakness, which could further weigh on stock prices, including the S&P 500.
The tariff uncertainty, along with President Trump's recent statements about trade with China, further adds to the market's cautious outlook, increasing volatility and contributing to the bearish trend in the S&P 500.
China PBOC Maintains Interest Rate and Injects Liquidity, Impact on the S&P 500
Another important factor influencing the S&P 500 index is the policy response from China. The People's Bank of China (PBOC) recently maintained the interest rate at 2.00% and injected 200 billion Yuan ($27.46 billion) into the financial system through a one-year medium-term lending facility (MLF).
This move is aimed at stabilizing China’s financial markets and providing liquidity to support economic growth.
Given that China is a major player in the global economy, any measures taken by the PBOC have a effect on global markets, including the S&P 500.
The liquidity injection helps reduce the pressure on Chinese banks and supports local businesses, indirectly fostering a more stable global economic environment.
S&P 500 – Technical Analysis
The S&P 500 (SPX) is trading at 6118.72, marking a 0.53% increase as the index sustains its bullish momentum above the key pivot level of 6118.72.
The immediate resistance is at 6165.39, with further upside targets at 6219.20 and 6267.23. A decisive break above these levels could reinforce the bullish outlook and attract additional buying interest, potentially pushing the index toward fresh highs.
On the downside, immediate support is observed at 6043.67, followed by deeper levels at 5979.98 and 5922.19. The 50-day Exponential Moving Average (EMA) stands at 5953.68, providing dynamic support and indicating a continuation of the broader uptrend.
Maintaining above this level signals strength, while a break below could introduce selling pressure, bringing the index toward lower support zones.
From a technical standpoint, the index remains within an ascending trend, with buying interest prevailing above the pivot point.
However, traders should monitor market sentiment and macroeconomic factors, which could influence volatility and direction.
A breakout above 6165.39 may accelerate bullish momentum, while failure to sustain above the pivot could see the index retreat toward key support levels.
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