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S&P 500, USD/JPY under pressure while silver comes off its 13-year high
S&P 500, USD/JPY under pressure amid renewed Trump tariff threats while silver price comes off its 13-year high amid minor profit taking.
S&P 500 comes off 3 1/2 month highs
The S&P 500 is beginning to retrace lower from Wednesday's 6,059 3 1/2 month high amid renewed tariff threats by US President Trump.
A retracement towards the May high at 5,968 may thus be on the cards. Further minor support is seen around the late May high at 5,943 and at the 5 June low at 5,921.
A rise above this week's 6,059 high would likely put the December high at 6,100 on the cards.
USD/JPY resumes its descent
USD/JPY's drop from Wednesday's ¥145.46 high is taking it to towards the April-to-June support line at ¥142.94. A fall through this level would likely lead to the late April-to-June support zone at ¥142.54-to-¥141.97 being revisited. Further down lies the April low at ¥139.89.
Immediate resistance is seen along the 55-day simple moving average (SMA) at ¥144.59 and at this week's ¥145.46 high.
Above it the January-to-June downtrend line can be spotted at ¥145.88 and the late May peak at ¥146.28.
Silver price trades in 13-year high
At the beginning of June the spot silver price shot up to $36.8900 per troy ounce, a level last seen in February 2012!
It is currently taking a breather below this high but a rise above it would likely lead to the February 2012 peak at $37.5000 being reached.
Minor support may be encountered between Wednesday's low and the 5 June high at $36.0710-to-$36.0225.
Below this area lies a major support zone at $34.8690-to-$34.5880 which consists of the October-to-March highs and as such should hold, if revisited at all.
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