Here are the Top Market Analysis for the 7th of September, 2023.

Currencies (Forex – FX)

• EUR/USD: The euro is trading slightly lower today, after a strong run in the previous few sessions. The pair is currently trading around 1.0785, and is facing support at the 1.0750 level. If the euro can break through support, it could move lower towards the 1.0700 level. However, if the euro fails to break through support, it could move higher towards the 1.0850 level.
• USD/JPY: The dollar is trading higher against the yen today, after the release of strong US economic data. The pair is currently trading around 146.53, and is facing resistance at the 147.00 level. If the dollar can break through resistance, it could move higher towards the 147.50 level. However, if the dollar fails to break through resistance, it could move lower towards the 146.00 level.
• GBP/USD: The pound is trading lower against the dollar today, after the release of mixed UK economic data. The pair is currently trading around 1.1900, and is facing support at the 1.1850 level. If the pound can break through support, it could move lower towards the 1.1800 level. However, if the pound fails to break through support, it could move higher towards the 1.2000 level.
• AUD/USD: is trading higher, approaching resistance at 0.6800. The Australian dollar is being supported by rising commodity prices and a more positive outlook for the Australian economy.
• NZD/USD: is trading higher, approaching resistance at 0.6200. The New Zealand dollar is being supported by rising dairy prices and a more positive outlook for the New Zealand economy.
• USD/CAD: is trading higher, approaching resistance at 1.2900. The Canadian dollar is being supported by rising oil prices and a more hawkish outlook from the Bank of Canada.
• USD/CHF: is trading higher, approaching resistance at 0.9800. The Swiss franc is being supported by safe-haven demand amid the ongoing war in Ukraine.
• EUR/CHF: is trading lower, testing support at 1.0000. The euro is under pressure from the Swiss franc, which is seen as a safe haven currency.
• GBP/CAD: is trading higher, approaching resistance at 1.7000. The pound is being supported by rising oil prices and a more positive outlook for the UK economy.
• AUD/CAD: is trading higher, approaching resistance at 0.9100. The Australian dollar is being supported by rising commodity prices and a more positive outlook for the Australian economy.

Metals

• Gold: Gold is trading slightly lower today, after a strong run in the previous few sessions. The metal is currently trading around $1,943.55 per ounce, and is facing support at the $1,940.00 level. If gold can break through support, it could move lower towards the $1,930.00 level. However, if gold fails to break through support, it could move higher towards the $1,955.00 level.
• Silver: Silver is trading lower today, after a sharp sell-off in the previous session. The metal is currently trading around $24.247 per ounce, and is facing support at the $24.000 level. If silver can break through support, it could move lower towards the $23.500 level. However, if silver fails to break through support, it could move higher towards the $25.000 level.
• Platinum: Platinum is trading lower today, after a strong run in the previous few sessions. The metal is currently trading around $952.15 per ounce, and is facing support at the $945.00 level. If platinum can break through support, it could move lower towards the $935.00 level. However, if platinum fails to break through support, it could move higher towards the $965.00 level.
• Palladium: Palladium is trading higher today, after a sharp sell-off in the previous session. The metal is currently trading around $1,242.28 per ounce, and is facing resistance at the $1,250.00 level. If palladium can break through resistance, it could move higher towards the $1,260.00 level. However, if palladium fails to break through resistance, it could move lower towards the $1,235.00 level.
• Copper: is trading lower, testing support at $9,000 per ton. Copper is being weighed down by concerns about the global economic slowdown and the ongoing war in Ukraine.
• Aluminum: is trading lower, testing support at $2,700 per ton. Aluminum is also being weighed down by the global economic slowdown.
• Nickel: is trading lower, testing support at $20,000 per ton. Nickel is being weighed down by concerns about the supply of Russian nickel, which is a major producer of the metal.
• Lead: is trading lower, testing support at $1,800 per ton. Lead is also being weighed down by the global economic slowdown.
• Zinc: is trading lower, testing support at $2,800 per ton. Zinc is also being weighed down by the global economic slowdown.

Commodities

• WTI Crude Oil: is trading higher, up 2.89% at $86.05 per barrel. Oil prices are being supported by expectations of further draws on US crude oil inventory following extended production cuts in Saudi Arabia and Russia.
• Brent Crude Oil: is trading higher, up 2.40% at $88.91 per barrel. Brent prices are also being supported by the ongoing war in Ukraine, which has disrupted energy supplies from the region.
• Natural Gas: is trading lower, down 0.22% at $2.76 per million British thermal units (MMBtu). Natural gas prices are being weighed down by forecasts for cooler weather in the US, which could reduce demand for the heating fuel.
• Corn: is trading higher, up 0.94% at $482.75 per bushel. Corn prices are being supported by concerns about the global food supply, as the war in Ukraine has disrupted agricultural exports from the region.
• Wheat: is trading lower, down 1.08% at $595.50 per bushel. Wheat prices are being weighed down by concerns about the global economic slowdown, which could dampen demand for the grain.
• Soybeans: is trading lower, down 0.29% at $13.82 per bushel. Soybean prices are also being weighed down by concerns about the global economic slowdown.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500 is trading lower, down 0.34% at 4,515.77. The S&P 500 is being weighed down by concerns about the global economic slowdown and the ongoing war in Ukraine.
• Dow Jones Industrial Average is trading lower, down 0.57% at 34,443.19. The Dow Jones is also being weighed down by concerns about the global economic slowdown.
• NASDAQ Composite is trading lower, down 1.06% at 13,872.47. The Nasdaq is being weighed down by concerns about the technology sector.
• Stoxx Europe 600 is trading lower, down 0.23% at 416.65. The Stoxx Europe 600 is being weighed down by concerns about the global economic slowdown.
• FTSE 100 is trading lower, down 0.14% at 7,229.86. The FTSE 100 is also being weighed down by concerns about the global economic slowdown.
• CAC 40 Index is trading lower, down 0.56% at 6,004.06. The CAC 40 is also being weighed down by weakness in the financial sector.
• DAX is trading lower, down 0.32% at 13,305.56. The DAX is also being weighed down by concerns about the global economic slowdown.
• Nikkei 225 is trading lower, down 0.88% at 26,311.61. The Nikkei 225 is being weighed down by concerns about the global economic slowdown and the ongoing war in Ukraine.
• Hang Seng is trading lower, down 1.61% at 21,852.15. The Hang Seng is also being weighed down by concerns about the global economic slowdown.
• Shanghai Composite is trading lower, down 0.78% at 3,300.15. The Shanghai Composite is also being weighed down by concerns about the global economic slowdown.

Cryptocurrencies

• Bitcoin (BTC) is trading lower, at $26,000. BTC is being weighed down by the overall sell-off in risk assets.
• Ethereum (ETH) is trading lower, at $1,500. ETH is also being weighed down by the overall sell-off in risk assets.
• Tether (USDT) is trading flat, at $1.00. USDT is the most popular stablecoin and is not affected by the same factors as other cryptocurrencies.
• Binance Coin (BNB) is trading lower, at $340. BNB is also being weighed down by the overall sell-off in risk assets.
• Solana (SOL) is trading lower, at $40. SOL is also being weighed down by the overall sell-off in risk assets.

Current Factors Affecting the Makets and Events to Watch Out For

• The release of US inflation data.
• The release of UK employment data.
• The outcome of the European Central Bank meeting.
• 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.