XAUUSD Consolidates amid Non Farm Payroll data
Gold has a brief jump as the dollar index fell amid last week’s non farm payroll data. On the chart, the price has bounced off the origin of its breakout at 2610. A close above the first hurdle at 2660 would ease the pressure and raise the odds that buyers might take over soon. The RSI’s dip into the neutral area could cause a temporary retreat as intraday buyers exit. A rally above 2685 would bring the psychological level of 2700 to the test.
EURUSD shoots higher
The US dollar pulled back after unemployment figures crept higher. The pair had previously secured a solid holding below 1.0600 as prices continuously tested this level. A confirmation break above the said area could trigger strong momentum buying and open the door to a brief swing high towards 1.0700. As the RSI ventures deeply into the overbought area, a US dollar pullback towards 1.0630 might be necessary for buyers to catch their breath
SPX 500 breaks higher
The SPX continues to soar as investors are eager to price in rate cuts for the upcoming year. A brief retreat from the record high towards 6100 was not enough to deter the bullish fever. A decisive bullish breakout has prompted a number of bears to close their bets, paving the way for an extended rally. The base of the latest bounce at 2850 would be the first support to expect follow-up buying.
