For the bulls, important resistance levels lie at 180.20 on the 61.8% Fibonacci retracement level of the last move, also at 188.40 top of May 3rd , and also at the all-time high of 202.22 from March 8th .
For the bears, important support levels exist at 166.37 bottom of May 19th , also at 160.56 bottom of January 27th and finally at the 11th September 2020 top which acts as an inside support for the price.
• Investors are watching for a U.S. Labor Department report on Friday that economists forecast will show employers added more than 650,000 jobs last month. It is expected to yield fresh clues about the Federal Reserve’s next interest rate policy moves later this month, when the central bank holds its next meeting of policymakers. Unemployment rate is also expected to be announced for Canada.
• U.S. stocks were lower after the close on Thursday, as losses in the Consumer Services, Technology and Consumer Goods sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average lost 0.07%, while the S&P 500 index lost 0.36%, and the NASDAQ Composite index fell 1.03%.
• Activity across Germany's service sector return to growth in May after stagnating at the start of the second quarter, latest PMI® data showed.
The headline seasonally adjusted Business Activity Index moved back above the 50.0 no-change threshold in May, rising from 49.9 in April to 52.8. Activity has now risen in two of the past three months, though rates of growth have so far been below the peak seen after the first COVID-19 wave.
• Crude oil closed lower on Thursday, as Energy prices initially opened higher, with crude posting a new 2-1/2 year high. Signs of strength in the global economy are positive for energy demand and crude oil prices. Also, Saudi Arabia on Thursday instituted a larger-than-expected hike in its crude oil prices to Asian customers. However, crude prices gave up their advance after the dollar index jumped to a 2-1/2 week high and after the weekly EIA inventory report was mixed.
July WTI crude oil (CLN21) on Thursday closed down -0.02 (-0.03%).
• Gold and silver prices on Thursday fell sharply, with gold at a 2-week low and silver at a 2-1/2 week low. Precious metals fell in overnight trading on news after the New York Fed late Wednesday announced that it would begin liquidating the corporate credit portfolio it had amassed last year during the pandemic. Losses in metals accelerated Thursday morning after better-than-expected U.S. economic data boosted T-note yields and the dollar.
August gold (GCQ21) on Thursday closed down -36.60 (-1.92%), and July silver (SIN21) closed down -0.727 (-2.58%).
• At 12:30 (GMT) CAD Employment Change will be announced. This indicator measures the change in the number of employed people during the previous month.
• At 12:30 (GMT) CAD Unemployment rate figures are due. This indicator measures Percentage of the total work force that is unemployed and actively seeking employment during the previous month.
• At 12:30 (GMT) US Non-Farm Employment Change is due to be announced. This is the change in the number of employed people during the previous month, excluding the farming industry.
• At 12:30 (GMT) US Unemployment Rate will be posted for the public. This figure registers the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
• At 14:00 (GMT) CAD Ivey Purchasing Managers Index (PMI) is due. This is a survey of about 175 purchasing managers, selected geographically and by sector of activity to match the economy as a whole, which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
US Indices yesterday:
• Dow Jones -0.07%
• S&P 500 -0.36%
• Nasdaq -1.03%
Sources: Investing.com, forexfactory.com,barchart.com