Here are the Top Market Analysis for the 6th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: is trading in a narrow range between 1.0785 and 1.0833. The bulls are trying to break out of the range to the upside, but the bears are defending the resistance level at 1.0833. If the bulls can break through this level, they could target the next resistance level at 1.0880. On the other hand, if the bears defend the resistance level, the EUR/USD could fall back to the support level at 1.0785.
• USD/JPY: is trading in a bullish trend. The pair has been rising for the past few weeks and is now approaching the resistance level at 147.55. If the bulls can break through this level, they could target the next resistance level at 148.00. On the other hand, if the bears defend the resistance level, the USD/JPY could pull back to the support level at 146.53.
• GBP/USD: is trading in a bearish trend. The pair has been falling for the past few weeks and is now approaching the support level at 1.2000. If the bears can break through this level, they could target the next support level at 1.1900. On the other hand, if the bulls defend the support level, the GBP/USD could rebound to the resistance level at 1.2100.
• AUD/USD: The Australian dollar is trading near the 0.72 level, after a strong rally on Monday. The pair is still facing resistance from the 0.7233 level, and it could continue to rise if the bulls maintain their momentum.
• NZD/USD: The New Zealand dollar is trading near the 0.69 level, after a slight decline on Monday. The pair is still facing support from the 0.6885 level, and it could rise back to the 0.6933 level if the bulls take control of the market.

Metals

• Gold: Gold is trading slightly higher today, after a strong run in the previous few sessions. The metal is currently trading around $1,945 per ounce, and is facing resistance at the $1,950 level. If gold can break through this resistance, it could move higher towards the $1,960 level. However, if gold fails to break through resistance, it could move lower towards the $1,930 level.
• Silver: Silver is trading lower today, after a brief rally in the previous session. The metal is currently trading around $24.25 per ounce, and is facing support at the $24.00 level. If silver can break through support, it could move lower towards the $23.50 level. However, if silver can hold above support, it could move higher towards the $25.00 level.
• Platinum: Platinum is trading higher today, after a weak performance in the previous few sessions. The metal is currently trading around $952 per ounce, and is facing resistance at the $960 level. If platinum can break through this resistance, it could move higher towards the $970 level. However, if platinum fails to break through resistance, it could move lower towards the $940 level.
• Palladium: Palladium is trading lower today, after a strong run in the previous few sessions. The metal is currently trading around $1,242 per ounce, and is facing support at the $1,230 level. If palladium can break through support, it could move lower towards the $1,220 level. However, if palladium can hold above support, it could move higher towards the $1,260 level.

Commodities

• Crude oil: Crude oil is trading higher today, after a sharp sell-off in the previous session. The oil is currently trading around $90 per barrel, and is facing resistance at the $92 level. If crude oil can break through this resistance, it could move higher towards the $95 level. However, if crude oil fails to break through resistance, it could move lower towards the $85 level. The market is still concerned about the potential for a Russian gas cut-off to Europe, but it is also weighing the possibility of a recession in the global economy.
• Natural gas: Natural gas is trading lower today, after a strong run in the previous few sessions. The gas is currently trading around $6.00 per million British thermal units (mmbtu), and is facing support at the $5.80 level. If natural gas can break through support, it could move lower towards the $5.50 level. However, if natural gas fails to break through support, it could move higher towards the $6.50 level. The market is still concerned about the potential for a supply shortage in Europe, but it is also weighing the possibility of a recession in the global economy.
• Wheat: Wheat is trading higher today, after a sharp sell-off in the previous session. The grain is currently trading around $8.00 per bushel, and is facing resistance at the $8.50 level. If wheat can break through this resistance, it could move higher towards the $9.00 level. However, if wheat fails to break through resistance, it could move lower towards the $7.50 level. Wheat prices are supported by the ongoing drought in the US Midwest, while corn prices are being weighed down by the strength of the US dollar.
• Corn: Corn is trading lower today, after a strong run in the previous few sessions. The grain is currently trading around $6.50 per bushel, and is facing support at the $6.25 level. If corn can break through support, it could move lower towards the $6.00 level. However, if corn fails to break through support, it could move higher towards the $7.00 level.
• Coffee: Coffee is trading lower today, after a sharp sell-off in the previous session. The bean is currently trading around $2.00 per pound, and is facing support at the $1.90 level. If coffee can break through support, it could move lower towards the $1.80 level. However, if coffee fails to break through support, it could move higher towards the $2.20 level.
• Soybeans: Soybeans are trading lower today, after a strong run in the previous few sessions. The beans are currently trading around $15.00 per bushel, and are facing support at the $14.80 level. If soybeans can break through support, it could move lower towards the $14.60 level. However, if soybeans fail to break through support, it could move higher towards the $15.20 level.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is trading slightly higher today, after a strong run in the previous few sessions. The index is currently trading around 4,433, and is facing resistance at the 4,450 level. If the S&P 500 can break through this resistance, it could move higher towards the 4,470 level. However, if the S&P 500 fails to break through resistance, it could move lower towards the 4,400 level.
• Nasdaq 100: The Nasdaq 100 is trading higher today, after a strong run in the previous few sessions. The index is currently trading around 15,050, and is facing resistance at the 15,100 level. If the Nasdaq 100 can break through this resistance, it could move higher towards the 15,200 level. However, if the Nasdaq 100 fails to break through resistance, it could move lower towards the 14,900 level.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is trading slightly lower today, after a strong run in the previous few sessions. The index is currently trading around 34,550, and is facing support at the 34,400 level. If the Dow Jones Industrial Average can break through support, it could move lower towards the 34,200 level. However, if the Dow Jones Industrial Average fails to break through support, it could move higher towards the 34,700 level.
• DAX: The DAX is trading higher today, after a strong run in the previous few sessions. The index is currently trading around 15,790, and is facing resistance at the 15,850 level. If the DAX can break through this resistance, it could move higher towards the 15,950 level. However, if the DAX fails to break through resistance, it could move lower towards the 15,650 level.
• FTSE 100: The FTSE 100 is trading lower today, after a strong run in the previous few sessions. The index is currently trading around 7,330, and is facing support at the 7,300 level. If the FTSE 100 can break through support, it could move lower towards the 7,250 level. However, if the FTSE 100 fails to break through support, it could move higher towards the 7,375 level.
• 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: Bitcoin is trading slightly lower today, after a strong run in the previous few sessions. The leading cryptocurrency is currently trading around $23,000, and is facing support at the $22,800 level. If Bitcoin can break through support, it could move lower towards the $22,500 level. However, if Bitcoin fails to break through support, it could move higher towards the $23,500 level.
• Ethereum: Ethereum is trading lower today, after a strong run in the previous few sessions. The second-largest cryptocurrency is currently trading around $1,500, and is facing support at the $1,450 level. If Ethereum can break through support, it could move lower towards the $1,400 level. However, if Ethereum fails to break through support, it could move higher towards the $1,550 level.
• Solana: Solana is trading lower today, after a strong run in the previous few sessions. The third-largest cryptocurrency is currently trading around $40, and is facing support at the $38 level. If Solana can break through support, it could move lower towards the $35 level. However, if Solana fails to break through support, it could move higher towards the $45 level.
• Cardano: Cardano is trading lower today, after a strong run in the previous few sessions. The fourth-largest cryptocurrency is currently trading around $1.20, and is facing support at the $1.15 level. If Cardano can break through support, it could move lower towards the $1.10 level. However, if Cardano fails to break through support, it could move higher towards the $1.30 level.
• Tether: Tether is trading slightly lower today, after a strong run in the previous few sessions. The stablecoin is currently trading around $1.00, and is facing support at the $0.99 level. If Tether can break through support, it could move lower towards the $0.98 level. However, if Tether fails to break through support, it could move higher towards the $1.02 level.

Current Factors Affecting the Makets and Events to Watch Out For

• 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.
• US Unemployment Rate: This is another important economic indicator. A decline in the unemployment rate could also boost the US dollar.
• 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.
• Bank of England (BoE) Rate Decision: The BoE is also expected to keep interest rates unchanged at its meeting today. However, any dovish comments from the BoE could weigh on the pound.
• Rising Interest Rates: Rising interest rates could weigh on prices.
• US Dollar: The US dollar is expected to remain strong today, which could weigh on gold and silver prices.
• Development of Ethereum 2.0:
• Interest Rates: Rising interest rates could also weigh on gold and silver prices.
• Auto Industry: Strong demand from the auto industry could support platinum and palladium prices.
• Supply Disruptions: Supply disruptions in Russia could continue to support palladium prices.
• The release of China’s GDP data.
• Earnings Season: The earnings season is in full swing, and strong earnings reports could boost the indices.
• The outcome of the Bank of Japan meeting.
• 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.