What Happened
Deal flow picked up across global markets this week, with notable transactions involving Orla Mining, Wendy’s, and NetApp drawing investor attention. While these deals are primarily US and Canadian-focused, the broader risk sentiment they signal has direct implications for ASX-listed miners and financials. The S&P 500 is currently trading near 5,570, while the ASX 200 is hovering around 8,150 as markets digest ongoing M&A activity and macro uncertainty.
Key Levels
ASX 200: Support sits at 8,050 and 7,900. Resistance is found at 8,200 and 8,350.
S&P 500: Support at 5,480 and 5,350. Resistance at 5,650 and 5,780.
Gold (XAU/USD): Support at $3,280 and $3,200. Resistance at $3,380 and $3,430.
Iron Ore: Support near $95 and $90 per tonne. Resistance at $102 and $108.
Technical Picture
The ASX 200 remains in a short-term consolidation phase after its recent run higher, trading below the 8,200 resistance level. The 50-day moving average sits near 7,980, providing a medium-term floor. The S&P 500 is trading above its 50-day moving average (~5,400), keeping the broader uptrend intact. Gold remains in a strong uptrend, holding above its 20-day moving average near $3,260. RSI on Gold is around 58 — not overbought, leaving room for further upside.
What Traders Are Watching
A break above 8,200 on the ASX 200 would signal renewed bullish momentum and could drag BHP and RIO higher on improved sentiment. On the downside, a close below 8,050 opens the door to a test of 7,900. For the S&P 500, bulls need to defend 5,480 to keep the trend intact. Gold traders are focused on whether $3,380 can be cleared — a move through that level could accelerate buying toward $3,430.
Bias
Neutral-to-Bullish — Deal activity typically signals corporate confidence, supporting risk assets. However, the ASX 200 needs a clean break above 8,200 to confirm renewed upside momentum.
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