Market attention on SpaceX’s IPO

SpaceX, the largest IPO in history goes live

SpaceX is to release 555.6mn shares, priced at $135 each, with ambition of raising $75bn, in the largest IPO in history today. The question in place is whether the share’s price will soar or sink. On the one hand we note the huge demand for the share which could provide tailwinds for its price, while on the flip side analysts and veteran investors have highlighted that the share’s price is overvalued and based on hopes and dreams.

Oil prices edge lower

Oil prices dropped yesterday, as market hopes for an easing of tensions in the Middle East were enhanced. US President Trump scrapped military plans in place to continue striking Iran, while an memorandum of understanding between Iran and the US seems to be in its final stages. Should market worries ease further, oil prices may continue to retreat while should market doubts for a ceasefire emerge, oil prices may rise.

Safe haven status weighs on USD

The USD lost ground yesterday, yet regained some of the losses in today’s Asian session. The easing of market worries in the Middle East seems to have weighed on the greenback, given its safe-haven status. On a macro level, the core PPI rate surprised the markets as it slowed down signaling an easing of inflationary pressures at a producers’ level, excluding oil Food and energy. If combined with the fall of oil prices yesterday, it  allowed for an easing of the market’s expectations for the Fed to hike rates, weighing on USD. Should we see the market’s worries for Middle East ease further and/or the market’s expectations for  the Fed to hike rates retreat, we may see the USD losing further ground in the FX market today.  

Gold regains some of the losses

Gold’s price edged higher yesterday yet are still poised for a loss as the week nears its end. Easing inflation concerns and a scaling back of market expectations for the Fed to hike rates in December pushed gold’s price higher. The negative correlation of the USD with gold’s price was on display again, as the USD edged lower in the FX market allowing gold’s price to benefit. Should we see the USD losing further ground today we may see gold’s price rising even further and vice versa.

دیگر نکات مهم امروز

Today we get Germany’s and France’s final HICP rates for May, the UK’s GDP and manufacturing rates for April, and the US UoM consumer sentiment for June. In Monday’s Asian session, we get New Zealand’s electronic card sales for May.

Charts to keep an eye out

Nasdaq

Nasdaq was on the rise yesterday with its price action nearing the 29680 (R1) resistance line in today’s Asian session. The downward motion of the index has been interrupted, while the RSI indicator has climbed to the reading of 50, implying an erasing of the market’s bearish predisposition. Hence we adopt a bias for a sideways motion of the index for the time being. Should the bulls take over, Nasdaq may break the 29680 (R1) resistance line and aim for the 31000 (R2) resistance level. Should the bears be in charge, Nasdaq’s price action may break the 28570 (S1) support line, thus opening the gates for the 27500 (S2) support level.  

XAU/USD

XAU/USD rose yesterday nearing the 4250 (R1) support line. We maintain a bearish outlook for gold’s price given that, despite the RSI indicator correcting higher, it remains at relatively low levels, signaling a bearish market sentiment for gold’s price. Should the bears maintain control as expected, we may see gold’s price aiming for the 3890 (S1) support line if not breaching it. For a bullish outlook which we consider as a remote scenario at the current stage, we would require gold’s price to break the 4500 (R2) resistance level, paving the way for the 4850 (R3) resistance hurdle.

نمودار چهار ساعته شاخص سهام نزدک

• Support: 28570 (S1), 27500 (S2), 26250 (S3)
• Resistance: 29680 (R1), 31000 (R2), 32500

نمودار چهار ساعته طلا / دلار آمریکا

• Support: 3890 (S1), 3600 (S2), 3250 (S3)
• Resistance: 4250 (R1), 4500 (R2), 4850 (R3) 

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