XAUUSD pushing through the barrier
Gold gained further upside traction as traders look to price in a continuous conflict between Donald Trump and Greenland. The price is now in search of 4800 after a recent spike above 4730. On the flip side, a drift below the immediate support at 4700 will prompt momentum buyers to exit, with prices potentially sliding towards 4650. A close above 4750 then 4800 would signal a bullish continuation to test another record peak at 5000.
USOIL tests critical floor
Crude remains in a sticky consolidation as traders worry that inflation could undermine demand. After moving over $5 since the start of the year, the price hit resistance just above the 62.00 level. The invalidated rally was likely driven by profit-taking as sentiment remains cautious. Sellers could look to double down, and a fall below 59.00 would open the door to a bearish reversal. The RSI’s fall could attract some limited buying with buyers looking to get back on track at the previous peak.
NAS 100 breaks lower
The Nasdaq steadies as investors await this week’s personal spending data. A pop below the recent low of 25600 has put the index back on a bearish trajectory. 25400 is the next hurdle before the bears can reclaim the recent low of 24900, especially if prices fall out of the recent ascending channel. On the flip side, 26000 is the target, but prices would need to clear 25600 to keep the channel progressive.
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