UT100 (NASDAQ 100)
Investors will be watching the Nasdaq very closely this week. Remember that tech stocks are highly valued and despite decent Q2 earnings recent rallies in the Nasdaq have been very limited.
Technically, the Nasdaq is moving between the boundaries of a bullish channel on the weekly chart, and it succeeded in maintaining the lower boundary after testing it last week near the 12900 levels. If the index was able to maintain this level, the index could extend its gains and test the highs of 14066 levels. If the index was able to extend its rise and breach that level, it could reach the levels of 14750 levels.
If the index falls below the support level of 12900, this may contribute to an extension of the decline to the levels of 12200. A breakthrough beyond this level could indicate a change in the long-term direction towards the downside. Therefore, stability above the mentioned support is crucial for the index trend bias.
Gold
Gold has been volatile to the upside last week, especially after the Fed hints of policy tapering as the XAUUSD has continued its upward momentum trading above its daily moving averages. The precious metal could continue its bullish bias this week as buyers could aim for the $1900. A breach beyond this hurdle, gold prices could reach the resistance level of $1911 before aiming towards $1960 area, late 2020 highs.
From the downside, failure to defeat the $1900 level could push back prices to consolidate in the range between the $1875 and $1890 area. The main support level to watch is $1850.
No comments:
Post a Comment