(SPX500)The S&P takes a breather
(SPX500)The S&P continues its choppy nature after last week’s Nvidia earnings call failed to impress the market. The combination of shaky sentiment and the worry that the AI bubble could burst at any moment has prevented the index from testing another record. However, if stocks in general continue to outperform, there is every possibility the bull rally will continue, with 6950 the next target. If there is a continued pullback, 6800 is the first support for bulls to catch their breath.
EURUSD on the edge
All eyes are on Donald Trump’s next move as the Dollar markets are looking to regain more territory. The President is expected to continue his assault on Iran, which could see more volatility for the greenback. On the fundamental side, traders are hoping for another meaningful Non-Farm Payroll report this week after the previous reading defined expectations, as the pair looks to test the critical floor of 1.1700, with 1.1930 the next resistance.
XAUUSD another spike higher
Gold traders are digesting the latest developments surrounding global tariffs and tensions. Naturally, the weekend’s news of the start of another conflict sent the yellow metal soaring over $100 at the market open. As global risks continue to dominate the headlines, a firm resistance at the previous top near 5400 seems to be the level to crack, while 5000 still looks like it will be a firm support for now, preventing a deep correction.