Here are the Top Market Analysis for the 1st of September, 2023.

Forex (FX)

• EUR/USD: The euro is trading higher against the US dollar, breaking above the resistance level of 1.0833. This could be a sign of a bullish trend in the near term. The next resistance level to watch is 1.0876.
• GBP/USD: The pound is also trading higher against the dollar, but the gains are more limited. The pair is still trading below the resistance level of 1.1900. If the pound can break above this level, it could signal a stronger trend in the coming days.
• USD/JPY: The US dollar is trading lower against the Japanese yen, breaking below the support level of 108.00. This could be a sign of a bearish trend in the near term. The next support level to watch is 107.00.
• AUD/USD: The Australian dollar is trading lower against the US dollar, breaking below the support level of 0.6800. This could be a sign of a bearish trend in the near term. The next support level to watch is 0.6700.
• NZD/USD: The New Zealand dollar is also trading lower against the US dollar as investors worry about the impact of China’s economic slowdown on the New Zealand economy, breaking below the support level of 0.7200. This could be a sign of a bearish trend in the near term. The next support level to watch is 0.7100.
• USD/CAD: The US dollar is trading slightly higher against the Canadian dollar, as investors await the release of Canadian employment data later today. The loonie is also being weighed down by concerns about the global economy.

Metals

• Gold: Gold prices are trading slightly higher, supported by the ongoing geopolitical uncertainty and the weakness of the US dollar. However, gold prices are also facing some headwinds from rising interest rates.
• Silver: Silver prices are also trading higher, but to a lesser extent than gold. Silver is still seen as a good hedge against inflation, but it is also more sensitive to changes in interest rates.
• Platinum: Platinum prices are trading lower, as the market is focusing on the supply side of the equation. The supply of platinum is expected to decline in the coming years, but the demand for the metal is not expected to grow as fast.
• Palladium: Palladium prices are trading higher, supported by strong demand from the automotive industry. Palladium is used in catalytic converters, which are essential for reducing emissions from gasoline and diesel engines.

Commodities

• Oil: Oil is trading higher, breaking above the resistance level of $90.00. This could be a sign of a bullish trend in the near term. The next resistance level to watch is $92.00.
• Natural gas: Natural gas is also trading higher, but the gains are more limited. The pair is still trading below the resistance level of $5.00. If natural gas can break above this level, it could signal a stronger trend in the coming days.
• Corn: Corn is trading lower, breaking below the support level of $6.50. This could be a sign of a bearish trend in the near term. The next support level to watch is $6.25.
• Wheat: Wheat is also trading lower, breaking below the support level of $8.00. This could be a sign of a bearish trend in the near term. The next support level to watch is $7.75.
• Coffee: Coffee is trading sideways, consolidating between the support level of $2.00 and the resistance level of $2.20. The overall trend is still bullish, but the market is waiting for a breakout in either direction.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading higher, breaking above the resistance level of 4,400. This could be a sign of a bullish trend in the near term. The next resistance level to watch is 4,450.
• Nasdaq 100: The Nasdaq 100 is also trading higher, but the gains are more limited. The pair is still trading below the resistance level of 15,000. If the Nasdaq 100 can break above this level, it could signal a stronger trend in the coming days.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is trading sideways, consolidating between the support level of 34,000 and the resistance level of 34,500. The overall trend is still bullish, but the market is waiting for a breakout in either direction.
• FTSE 100: The FTSE 100 is trading lower, breaking below the support level of 7,300. This could be a sign of a bearish trend in the near term. The next support level to watch is 7,200.
• Nikkei 225: The Nikkei 225 is also trading lower, breaking below the support level of 32,000. This could be a sign of a bearish trend in the near term. The next support level to watch is 31,500.
• Russell 2000: The Russell 2000 is trading slightly lower, as it is a more volatile index that tracks small-cap stocks. The index is still up about 4% for the year.

Cryptocurrencies

• Bitcoin: is trading at around $26,000, after a slight decline in the past few days.
• Ethereum: is trading at around $1,700, and is also slightly down from its recent highs.
• Other major cryptocurrencies are also trading mixed, with some seeing gains and others seeing losses. Some of the top gainers today include Shiba Inu (+3%), Dogecoin (+2%), and Solana (+1%). Some of the top losers today include Terra (-3%), Avalanche (-2%), and Tron (-1%).

Current Factors Affecting the Makets and Events to Watch Out For

• US employment data: The US Labor Department will release its monthly employment report on Friday, September 2. This report is one of the most important economic indicators in the US, and it could have a significant impact on the dollar.
• US Non-Farm Payrolls (NFP): This is the most important economic data release of the week. A strong NFP report could boost the US dollar, while a weak report could weigh on the currency.
• European Central Bank (ECB) Rate Decision: The ECB is expected to keep interest rates unchanged at its meeting today. However, any hints of a rate hike in the future could support the euro.
• European Central Bank meeting: The European Central Bank will hold its monthly policy meeting on Thursday, September 8. The ECB is expected to keep interest rates unchanged, but it could provide some hints about its future policy plans.
• UK general election: The UK will hold its general election on October 2. This election is expected to be close, and the outcome could have a significant impact on the pound.
• OPEC+ Meeting: The OPEC+ is expected to keep production cuts in place at its meeting today. This could support oil prices.
• Russian Gas Cut-Off: The market is concerned about the potential for a Russian gas cut-off to Europe. This could support natural gas prices.
• US Drought: The ongoing drought in the US Midwest could support wheat prices.
• Rising Interest Rates: Rising interest rates could weigh on prices.
• Geopolitical developments, such as the Russia-Ukraine war
• Central bank monetary policy decisions
• Regulatory developments, such as the SEC’s decision on a Bitcoin ETF
• The weather
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.