XAUUSD(GOLD) stays positive
XAUUSD(GOLD) traders remain cautious over the next wave of announcements by Donald Trump. A swift comeback above 2700 suggests that the Bulls are still in the game despite a temporary retreat. The sentiment is positive from the chart’s perspective, and the precious metal could be looking to consolidate its gains before another round of rally. Buyers could see the current situation as an opportunity to accumulate as long as the price remains above 2660. A close above 2720 could resume the climb to a new record high.
USDCHF tests crucial floor
The US dollar has another spring in its step as price action remains bullish. The price is heading towards the recent high of 0.9200 as sentiment remains optimistic as the new President steps into the White House. A ‘buy-the-dips’ behaviour could be expected as the RSI creeps into the neutral area, waiting for the next signal. 0.9150 is the first hurdle to clear. Failing this, a bearish movement would trigger a wave of liquidation and invalidate the latest rebound, leading to a test at 0.9080.
NAS 100 remains choppy
The Nasdaq bounced as investors hoped that the new presidential administration would benefit big tech stocks. The index has established 21600 as the latest peak after it broke 21000. However, an overwhelmingly overbought RSI on the chart might make the short-term bulls think twice before keeping their gains. A snapback below 21000 will be a sign of profit-taking. 21800 is a key level to break, followed by a confirmed move above 22100 to set the standard for another fresh peak.