Gold prices continued to move sideways throughout the last week. Yellow metal made an attempt to reach its resistance level of $1834 but went down again below the $1810 level. On Wednesday, the Federal government announced an unchanged rate decision and even though it was widely expected, prices of Gold came down a bit from its weekly high.
Looking ahead with it being the first week of the month, we will keep an eye on some major data that could affect the market. On Monday, there will be an announcement of ISM Manufacturing PMI followed by Service PMI data on Wednesday, and the most important data of the US unemployment will be announced on Friday.
Technically, Gold will continue to follow a resistance level of $1834 on the higher side followed by 61.8% retracement level of $1848. While on the downside, $1800 will be the key level for the week-- if it breaks, the next important support will be near to the $1780 and $1760 level.
The US Tech Index moved sideways last week and failed to hold on to the bullish momentum it registered the previous week. Result season reached its peak level after the announcements made by tech giants gave some cautious guidance for the coming quarters. They have already gained maximum market gain from the global pandemic situation.
Contrary to that, the recent rise in Covid cases in the USA and around the world might surprise the stock market. The market will decide its further trend once the key important data is released this week.
Technically, Nasdaq is trading around its key major support level of the $14960 area-- its a make or break situation for the index. On the higher side, the next resistance will be around $16000 while on the downside a level of $14500 and $14000 may give some support. The major support will be at $11700, which is 161.8% weekly retracement area.
As mentioned in last week’s report, BTC/USD moved up to its resistance area of $41600, which is one of the key levels for the pair.. For the coming week, further bullish momentum will depend upon the next minor resistance area of around $42000, beyond that it might march towards its next resistance area of around $45000. While on the downside, the $39000 level might give some support followed by a major support area of around $45000.
After two continuous bearish weeks, finally EUR/USD registered some positive movement last week. The pair moved up to and tested at 1.1900 level. For the coming couple of weeks, if it crosses the 1.1910 area, it may reverse its downward trend and go up to the 1.200-1.2050 area. While on the downside, last week’s low around the 1.1760-500 area will continue to provide support.
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