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Gold is declining📉 towards 4,630 from a fresh 15-week high of $4,697 today, following a two-day uptrend that led the price above the 200-day SMA. Notably, gold has been in ascending mode since August 5, having surpassed the four key SMAs and the key descending trendline drawn from late January, when it hit its all-time 📈high at 5,598.
GBPUSD pinned a six-month📈 high of 1.3674 last Friday before shifting to the sidelines, aiming for a 3% monthly gain within a short-term ascending channel. Although the bulls retained control above 1.3600 in the next sessions, they lacked strong momentum to clear May’s📉 resistance of 1.3656, raising speculation that the rally might be running out of steam.
BTCUSD WEEKLY: Tests 80K+
Trend Up Momentum: Up
Building further on its breakout above 67K but so far pausing below above 80K (high 81252) and below next key target at 82711. For FIBO fans, 83852 = 38.2% of 126232 = 57656 On the downside, support likely as long as it trades above 75-78K, stronger bid if the top end holds although 80K+ is needed to keep current momentum going and avoid a stall.
XAUUSD (GOLD) 4 HOUR: 4650 remains pivotal
Trend: UP Momentum: UP
Still unable to shake a focus from 4650, even after extending its high to 4696. Until 4650 is clearly established either way, expect a choppy trade if it stays within 4600-4700. With that said, a case can be made for a pause but only confirmed if 4594 is taken out. Otherwise, keeps a bid while above it.
Newsquawk US Market Wrap: Stocks mixed on tech weakness while long-end yields slide
SNAPSHOT: Equities down, Treasuries up, Crude down, Dollar up, Gold down.
(Right click on any image (or chart) to open a full screen in a new tab)
NAS100 (NASDAQ) 4 HOUR: 29K now p[ivotal
Trend: Uptrend stalled Momentum: Short-term down
Having broken 29K, this level; now becomes pivotal in dictating whether the range shifts to 28-29K, goes back to 29-30K, or compromises at 28.5-29.5K.
New low at 28870 blocks momentum building further while back above 29200—450 would be needed to negate the risk.
NAS100 (NASDAQ) DAILY: Support broken but briefly
Trend: Uptrend stalled Momentum: Short-term down
29110 finally (briefly) broken but to confirm, 29000 would need to be firmly taken out as well. Otherwise, still hope for the bulls that the move down can be contained as a retracement. Otherwise, as this chart shows there is a big void on the downside. Looking ahead, bulls hoping Nvidia earnings at mid-week will throw tech a lifeline.
