XAUUSD – Gold
Supports : 2530.00 , 2500.00 & 2470.00
Resistances : 2590.00 , 2620.00 & 2730.00
If what we have seeing in last two months was a consolidation phase, this might be a start of the Rally.
Two levels come to mind in that case : 2750 & 2850
Mind you, market has no brains – I still remember Gold at 250 ( yes, didn’t miss a zero here – two hundred and fifty ), and at that time I had a problem calming down some big clients , forcing them to hold on their gold ( physical ) .
Now in this time of uncertainty , what better then Gold ?
Nasdaq 100 – NDX
Wall St mixed in choppy trade as PPI data keeps smaller rate cut in view
August producer prices slightly above estimates
Moderna tumbles after dour FY25 revenue forecast
Indexes: Dow down 0.13%, S&P 500 up 0.18%, Nasdaq up 0.43%
Wall Street’s main indexes were mixed in choppy trading on Thursday after higher-than-expected producer prices data kept a smaller 25-basis point rate cut by the Fed firmly on the table, while Moderna slumped following a downbeat revenue forecast.
S&P 500 – SPX
US Equity Indexes Rise as Market Prices in Gradual Monetary Policy Easing Following Hot Inflation Print
The S&P 500 index rose 0.7% to 5,590.2
The US Producer Price Index grew 0.2% month-over-month in August following a flat reading in July, the Bureau of Labor Statistics said Thursday, faster than the 0.1% gain expected in a survey compiled by Bloomberg. Excluding food and energy prices, core PPI climbed 0.3%, above the 0.2% gain expected and a 0.2% decline in the previous month.
On a year-over-year basis, PPI was up 1.7% in August versus a 2.1% growth in the previous month. However, the rate for PPI excluding only food and energy accelerated modestly to 2.4% from 2.3%, and the rate for PPI excluding food, energy, and trade services advanced to 3.3% from 3.2%.
Nvidia – NVDA
Nvidia’s stock extends gains: ‘The time to worry is clearly not now’
Nvidia Most Active Stock in S&P 500 and Nasdaq 100 So Far Today
Would be highest close since Aug. 28, 2024, when it closed at $125.61
Currently up five of the past six days
Currently up four consecutive days; up 16.76% over this period
Longest winning streak since Aug. 19, 2024, when it rose for six straight trading days
Best four-day stretch since the four days ending Aug. 15, 2024, when it rose 17.29%
Up 0.58% month-to-date
Up 142.44% year-to-date
Down 11.45% from its all-time closing high of $135.58 on June 18, 2024
Up 163.4% from 52 weeks ago (Sept. 14, 2023), when it closed at $45.58
EURUSD paused above 1.10 but remains below 1.1050-55
GBPUSD found support at 1.30 but is still below its 1.3087 breakdown level
USDJPY set a new low at 140.70 and then bounced… 142 is its current bias setter
Stocks staged a nice rebound led by tech… my focus is on US500 5500 as its pivotal level but 5600+ would be needed to suggest more legs to this rebound.
XAUUSD sets new record high,.. close vs old 2531 high is important
What stands out to me is EURUSD and GBPUSD finding support above key pivotal levels \
All of this as we wait for the next key event => the FOMC
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