XAU/USD — Gold
There has been a sideways trend in gold for more than four weeks – every time it attempted to move up, it was not sustaining its bullish momentum. Last week, gold hit the $1,800 mark and dropped back to $1,764. In the absence of major fundamental data, gold prices might be confined to the same range. It might also focus on the development of the US treasury yield and the US dollar index. The first resistance levels appear to be $1,780 – $1,786 followed by 50% retracement levels near $1,800, while $1,750 – the previous week’s low – might provide some support, followed by the major downside channel support near $1,720.
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The EUR/USD pair has been moving sideways, too, for the past week. It has been hovering around its 52-week low for more than three weeks but it failed to break out on either side. Support levels near 1.1525 are proving to be key, as the pair has taken support at this level multiple times and bounced back. On a daily basis, the RSI is showing a divergence, which indicates a bullish trend in the short-to-medium term. Technically speaking, 1.15 could provide major support, while on the higher side, once EUR/USD sustains above 1.1620, it might attempt to reach the 1.17 levels.
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NASDAQ — Tech 100
The US Tech Index, Nasdaq managed to pull back in the last week and closed above its resistance level of $15,000. It was the first major bullish week since the past month. The index is likely to depend on the upcoming quarterly results from some tech giant companies like Netflix and others over the next couple of weeks. In the coming week, $14,800 will provide support. However, on the upside, if it crosses the 61.8% retracement level of $15,192, it might reach the 78.6% retracement level of $15,400.
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