XAU (Gold) pushing through the barrier
XAU (Gold) gained further upside traction as the Fed remains cautious about the recovery of the economy. The price is still in search of 2700 after a recent spike above 2660. On the flip side, a drift below the immediate support of 2635 will lead to momentum buyers exiting, turning it into a resistance level in the process. A close back above 2685 and then 2720 would signal a bullish continuation towards a possible record peak.
USOIL tests critical floor
WTI crude slumped as traders worried that above-target inflation could undermine demand. After moving over $5 since the start of the year, the price hit resistance at 75.00. The invalidated rally was likely driven by profit-taking, and sentiment remains cautious at best. Sellers could look to double down, and a fall below 72.00 would put 70.00 at risk, whereas a breakout would open the door to a bearish reversal. The RSI’s oversold situation could attract some limited buying.
NAS 100 breaks lower
The Nasdaq steadies as investors await today’s NFP numbers. A pop below the recent low of 21600 has put the index back on a bearish trajectory. 20800 is the next hurdle before the bears can reclaim the recent low of 19700. If the RSI ventured into the overbought area, a pullback could be seen as an opportunity to stake in. 21500 would be the first level to expect trend followers to jump in, and 21750 would be necessary to keep the bullish momentum going.
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