NAS 100 another week, another high
Indexes rallied last week, hitting record highs, as Donald Trump won the presidential election. Trump looks likely to support lower corporate tax rates, deregulation, all of which could provide more stimulus to the American economy. As per his previous four years in office, all three major indexes are expected to continue moving higher under his tenure, even if the Fed changes their plans for more dovish rate cuts. 21000 is a crucial ceiling to clear, and 20400 is a fresh support.
GBPUSD BoE tests cable’s resolve
Cable recovered from a 10-week low as the Bank of England unveiled their latest policy as inflation softened. The central bank aims to continue its dovish stance after an unexpectedly fast slowdown in inflation. With the Federal Reserve looking more hesitant after a Trump victory, the pound could jump on this opportunity to turn things around after the October sell-off. 1.3050 is a significant resistance, and 1.2850 is the next critical support.
XAUUSD correction continues
Gold continues to feel the effects of the US Presidential Election as traders see that a Trump victory will lead to a progressive dollar, diminishing the appeal of the precious metal. This coupled with renewed optimism that Donald Trump will be able to reach a deal in the Middle East, has also weighed on gold prices. As the new President takes his seat in January, the Fed could change its outlook for 2025. 2620 is a sturdy support, and the price must be higher than 2700 before it can bounce back.