Here are the Top Market Analysis for the 31st of October, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD is currently trading in a narrow range between 1.0500 and 1.0607. A breakout above 1.0607 could lead to a further upside move towards 1.0663. However, a break below 1.0500 could open up a further downside move towards 1.0400.
• USD/JPY: The USD/JPY is currently trading at 150.13. A bearish breakout below this level could lead to a further downside move towards 149.30. However, a bullish breakout above 151.00 could lead to a further upside move towards 152.00.
• GBP/USD: The GBP/USD is currently trading at 1.2133. A bullish breakout above this level could lead to a further upside move towards 1.2200. However, a bearish breakout below 1.2100 could open up a further downside move towards 1.2000.
• AUD/USD: Trading in a narrow range between 0.6700 and 0.6750. A break above 0.6750 could lead to a further upside move towards 0.6800. However, a break below 0.6700 could open up a further downside move towards 0.6650.
• NZD/USD: Trading in a narrow range between 0.6200 and 0.6250. A break above 0.6250 could lead to a further upside move towards 0.6300. However, a break below 0.6200 could open up a further downside move towards 0.6150.
• USD/CAD: Trading in a narrow range between 1.3200 and 1.3250. A break above 1.3250 could lead to a further upside move towards 1.3300. However, a break below 1.3200 could open up a further downside move towards 1.3150.

Metals

• Gold: XAU Gold prices are trading higher today, as investors seek safe-haven assets amid rising geopolitical tensions in Asia. Gold is often seen as a safe-haven asset in times of uncertainty.
• Silver XAG: Silver prices are also trading higher today, following gold. Silver is often seen as a more volatile version of gold, but it has been outperforming gold in recent weeks.
• Copper XCU: Copper prices are trading sideways today, as investors weigh the risk of a global economic slowdown against rising demand for the metal from China. Copper is a bellwether for the global economy, and it is sensitive to demand from China, the world’s largest consumer of the metal.
• Aluminum: Aluminum prices are trading higher today, as supply disruptions caused by the war in Ukraine continue to support the market. Aluminum prices have also been supported by rising demand from China.
• Iron Ore: Iron ore prices are trading lower today, as concerns about a slowdown in the Chinese real estate market weigh on the market. China is the world’s largest consumer of iron ore, and it is used to produce steel, which is used in the construction sector.

Commodities

• Crude Oil (WTI): Crude oil is currently trading in a range between $82.00 and $86.00 per barrel. The bulls are looking to break out above the resistance level at $86.00, while the bears are looking to break down below the support level at $82.00. The MACD indicator is showing a bullish crossover. The RSI indicator is above 50, which suggests that the bulls are in control.
• Natural Gas (NG): Natural gas is currently trading in a range between $3.20 and $3.40 per mmBtu. The bulls are looking to break out above the resistance level at $3.40, while the bears are looking to break down below the support level at $3.20. The MACD indicator is showing a bullish crossover. The RSI indicator is above 50, which suggests that the bulls are in control.
• Wheat (ZW): Wheat is currently trading in a range between $560.00 and $575.00 per bushel. The bulls are looking to break out above the resistance level at $575.00, while the bears are looking to break down below the support level at $560.00. The MACD indicator is showing a bullish crossover. The RSI indicator is above 50, which suggests that the bulls are in control.
• Soybeans (ZS): Soybeans are currently trading in a range between $1,290 and $1,310 per bushel. The bulls are looking to break out above the resistance level at $1,310, while the bears are looking to break down below the support level at $1,290. The MACD indicator is showing a bullish crossover. The RSI indicator is above 50, which suggests that the bulls are in control.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading lower today, as concerns about a global economic slowdown weigh on the market. The index is currently at 4,166.82, which is down 0.25% on the day.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is also trading lower today, following the S&P 500. The index is currently at 32.928.96, which is down 0.23% on the day.
• Nasdaq Composite: The Nasdaq Composite is trading higher today, outperforming the other major US indices. The index is currently at 12,789.48, which is up 0.12% on the day.
• Stoxx Europe 600: The Stoxx Europe 600 is trading lower today, as concerns about a global economic slowdown weigh on the market. The index is currently at 431.12, which is down 0.35% on the day.
• DAX: The DAX is also trading lower today, following the Stoxx Europe 600. The index is currently at 14,716.54, which is down 0.37% on the day.
• CAC 40: The CAC 40 is also trading lower today, following the other major European indices. The index is currently at 6,825.07, which is down 0.39% on the day.
• Nikkei 225: The Nikkei 225 is trading lower today, as concerns about a global economic slowdown weigh on the market. The index is currently at 30,759.58, which is down 0.41% on the day.
• Hang Seng Index: The Hang Seng Index is also trading lower today, following the Nikkei 225. The index is currently at 17,113.11, which is down 0.93% on the day.
• Shanghai Composite Index: The Shanghai Composite Index is also trading lower today, following the Hang Seng Index. The index is currently at 3,014.48, which is down 1.01% on the day.

Cryptocurrencies

• Bitcoin: is currently trading at $34,300, which is down 0.3% on the day. Bitcoin has been trading in a range between $30,000 and $35,000 in recent weeks, as investors await more clarity on the US regulatory landscape.
• Ethereum: is currently trading at $1,803, which is down 0.5% on the day. Ethereum has also been trading in a range in recent weeks, as investors await the launch of Ethereum 2.0.
• Other major cryptocurrencies: are also trading mixed today. Solana is down 0.7%, Cardano is down 0.1%, and Binance Coin is down 0.2%.

Current Factors Affecting the Markets and Events to Watch Out For

• US Core PCE Deflator at 13:30 CET
• US ISM Manufacturing PMI (10:00 AM EST)
• Eurozone GDP (11:00 AM CET)
• Japanese Tankan survey (11:30 PM JST)
• The US dollar: The US dollar is a key factor that affects currency prices. A stronger US dollar makes other currencies less expensive for buyers who are using US dollars.
• Central bank policy: Central banks around the world are raising interest rates in an effort to combat inflation. Higher interest rates can make currencies more attractive to investors, as they can raise the yield on currency investments.
• Geopolitical tensions: Geopolitical tensions, such as the war in Ukraine, can also affect currency prices. Investors tend to sell currencies from countries that are involved in geopolitical conflicts, as they are seen as riskier investments.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.
• Regulatory uncertainty: The cryptocurrency industry is still facing a lot of regulatory uncertainty around the world. This uncertainty is also weighing on the market, as investors are hesitant to invest in assets that are not well-regulated.
• Bitcoin halving: The next Bitcoin halving is expected to occur in March 2024. Halving events typically lead to a rally in the price of Bitcoin, as they reduce the supply of new Bitcoins entering the market. This is something that investors are keeping an eye on.
• The weather.