XAU/USD — Gold
It was another bullish week for gold. Since the US Dollar Index recovered more than 2% over the past two weeks, gold has risen above the $1,800 level. The price of gold is currently trading just above its weekly 50 EMA level of $1,802. Any sustained move above the same could trigger it to move towards its previous resistance zone between $1,830 – $1,833. On the downside, $1,780 will be the first support, followed by $1,760 as major support.
The EUR/USD pair started the week with a bullish move but failed to maintain its momentum by the week’s end. Even the weak US dollar index was not enough to drive EUR/USD higher. The European Central Bank policy announcements on Thursday, 28 October 2021, might shed some light on the EUR/USD trend. Technically, it has support close to 1.1580, followed by major support close to 1.1530, while an uptrend above the previous weeks’ high of 1.1670 could push the price to 1.18 levels.
US Tech — Nasdaq
The US Tech Index recovered nearly all of last month’s losses, and it appears as any pullback will be short-lived. The price is just beneath its September month high, which was around $15,700. It will open the next extended uptrend if it maintains its move above its previous month’s high. The next major level to watch will be $16,000, while the previous swing low $14,386 will be a key support level.
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