Nasdaq - Tech 100

The US Tech Index Nasdaq continues to move up for the third consecutive month. On a weekly basis, although it was quite a narrow movement, it was a bullish week. For more than five weeks now, Nasdaq is hovering around the 15100-200 level and facing strong resistance. Even robust US unemployment data that came in at the beginning of the month, could not help the indices cross the resistance level.

For the coming week, Nasdaq will continue to follow stiff resistance at the 15150-200 level, if it crosses, the next level on the higher side will be 15500, which is resistance by the Bollinger band. In the event of any bearish move, first support will be the 261.8% retracement level of 14880, and below that it might touch 14280. Fundamentally, the market will react to US sales data and the US Fed chairman Powell’s speech on Tuesday followed by the US FOMC meeting minutes on Wednesday.

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Gold managed to close the week in the green despite a steep selloff last Monday. It made a flash low of $1680, recovered, and closed almost 100 points higher near to the $1780 mark. It may continue to show high volatility in the coming weeks. For the next week, gold may find support near the $1750 and $1720 levels. On the higher side, 20 weekly SMA levels of around $1809 will act as the first resistance area. If it manages to cross that, the next level to watch will be $1834, where gold was trading but unable to cross for the previous four weeks.

Fundamentally, the market will react to upcoming US retail sales data on Tuesday, July CPI data from Europe, and US FOMC minutes on Wednesday.

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It was yet another bullish week for Bitcoin. As we mentioned in last week's report, it went up near the resistance level of $48000 and went back down to almost $43800.

For the coming week, it will continue to find resistance between the $48000-200 levels above that, the next level will be a 61.8% retracement level of $51127. While on the downside, the 50% retracement level of around $46900 will provide some support below that next major support will be a weekly 20 SMA of around 42850.

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Brent Crude

Oil prices continued to slide down due to weak economic data across the globe for the past few weeks. It started a fresh week on Monday by trading over 1% down just below $70. The market is waiting for further output guidelines and forecasts from OPEC in the month of September.

For the coming week, it might find support near its monthly trendline area of around $67, below that next major support will be $65. While on the higher side, the resistance levels will be $72 and above that $75.

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The information and content posted within this blog is for educational purposes only and it is not intended as financial or investment advice.

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