Gold slammed for second day, Nasdaq at record highs

The greenback seems to be picking up some bullish momentum, weighing negatively on precious metals and other commodities. 

Gold was down another 0.5% today, after losing 1% yesterday, and it looks poised to retest its long-term uptrend line, currently in the 1,750 USD area. If the bullion drops below that trendline, the medium and long-term uptrends could be over, possibly leading to more declines. 

Silver has major support in the 25.60 USD region, and if that level is taken out, we could see a larger drop toward 25 USD.

Later in the day, the ADP nonfarm employment release is due, with this report expected to show 600,000 new jobs, down from the previous month’s 978,000.

Additionally, the Canadian GDP will be released, influencing the USDCAD pair. Moreover, the US pending home sales data are due as well.

From other news, both the SP500 and Nasdaq 100 indices pushed to new record highs yesterday as the Fed’s balance sheet continues to expand at a record pace. 

Source: https://www.axiory.com/market-news/gold-slammed-for-second-day-nasdaq-at-record-highs