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XAUUSD (GOLD)
Has GOLD set a top for now?
It appears out of steam for now but to make this anything more than consolidation, it would need a break of 3578 and the trendline to confirm.
Otherwise, 3650 is the bias setting level while within 3600-3700, below 3620 would build some downward momentum but only through 3600-20 would put key levels in play.
XAUUSD 4 HOUR CHART
Using my platform as s Heatmap shows…
… the dollar trading marginally firmer, JPY underperforming, in a wait-and-see mood ahead of the U.S. CPI release and the ECB meeting (no change in rates expected). The dollar seems to be getting some support in anticipation that CPI will show sticky inflation.
What amazes me is how markets are trading as if CPI is a good indicator of inflation given questions over its reliability due to staffing and data collection issues.
In any case, this is the hand we are dealt, news algos react and it is good for creating volatility and opportunities to trade .
On order of relative strength vs the USD
1. EUR
2. CHF
3. AUD
4. GBP
5. CAD
6. NZD
7. JPY
S&P 500 and Nasdaq notch record-high closes as Oracle Stocks – ORCL soars on AI optimism
· Producer prices fall unexpectedly in August
· Oracle’s forecast boosts chipmakers, power supply companies
· Barclays, Deutsche Bank raise S&P 500 2025 year-end target
· S&P 500 +0.30%, Nasdaq +0.03%, Dow -0.48%
The S&P 500 and Nasdaq notched record-high closes on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rates next week.
Oracle ORCL soared 36% in its biggest one-day percentage gain since 1992 after the tech company pointed to a demand surge from AI firms for its cloud services.
Its stock market value reached $922 billion, leapfrogging the values of Eli Lilly LLY, JPMorgan Chase JPM and Walmart WMT, and approaching Tesla’s TSLA $1.12 trillion market value.
Artificial intelligence-related chip stocks also rallied, with Nvidia NVDA up 3.8%, Broadcom AVGO jumping 10% and Advanced Micro Devices AMD climbing 2.4%. The PHLX chip index SOX rose 2.3% to a record high.
Data center power suppliers also benefited, with Constellation Energy CEG, Vistra VST and GE Vernova GEV all rising more than 6%.
Apple AAPL, viewed by many investors as lagging in the race to dominate AI, declined 3.2%, sliding for a fourth straight session.
A cooler-than-expected producer prices reading provided additional momentum as traders shored up their bets on interest-rate cuts this year.
Recent labor market data has confirmed the U.S. jobs market is in a slowdown.
Traders fully expect the Fed to cut interest rates by at least 25 basis points at its policy meeting next week, with a 10% chance the central bank could cut by 50 basis points, CME’s FedWatch tool showed.
The S&P 500 has now climbed about 11% in 2025, while the Nasdaq has rallied about 13%.
What’s hot and what’s not?
What’s hot?
Currencies are up after US PPI miss, led by AUD and NZD
US stocks are up, SP600 in record high territory
GOLD is up but consolidating below its record 3674 high
US bonds are up (yields down(
BITCOIN is up modestly
What’s not?
USD is down except vs an unchanged JPY
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