NASDAQ - US Tech 100
After making a record high above $15,700, Nasdaq fell down throughout the last week and ended a week in a negative. It faced strong resistance at 161.8% retracement level of around $15,708 on a monthly basis and fell back down to $15,430 levels. On a weekly basis, the RSI is still trading above 70 level, suggesting chances of more weakness for the coming few weeks. In the coming week, if it breaks $15,390, the next support will be near to 50 DMA at $15,110 followed by major support in the $14,800-900 zone and a major channel support near the $14,410 area. The previous high of $15,710 will continue to act as the major resistance. The market will react to US Core retail sales and CPI data next week.
Gold - XAU/USD
The price of gold dropped below $1800. On a weekly basis, Gold has been facing strong resistance near the $1830 area. Despite lower employment data helping the price rebound to the $1830 area in August, the price did not sustain or cross its resistance and continued to make lower highs and lower lows. As the US dollar weakens, gold's price is under pressure. Within the next week, it could consolidate in the same $1830 to $1770 range. Major support is near to 50 DMA around $1752. In terms of fundamentals, the market may be watching the upcoming US CPI and retail sales data, as well as the ECB president's speech.
After it crossed the 1.19 level in the previous week, EUR/USD fell back down again back to the 1.18 level in the last week. For more than two months now, EUR/USD has been consolidating between 1.19 and 1.17. Weekly, it has multiple supports of 200 and 100 weekly SMAs near 1.1590. While on the higher side, it has to decisively cross the 1.19 level for any confirmed change in the trend.
Prices of Bitcoin dropped last week, wiping out gains from the previous three weeks. It crossed over its three-month high of $52,900 and fell to $43,000 within a week. Traders find Bitcoin's price to be volatile, which makes it interesting to trade. It broke down the rising trend channel on a daily basis. Support could be found near the 61.8% retracement level around $41,880, followed by the weekly 20 MA near $40,900 in the coming week. While on the higher side, it might face resistance near to $48,000 followed by a key level of $50,000 for any upside momentum.
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