Gold’s Gleaming Rally: A New High Since May

Welcome to Monday’s market analysis. As the new week unfolds, we find the economic calendar presenting a rather subdued picture. Notably, today’s major event revolves around a speech by ECB President Lagarde, scheduled towards the close of the European trading session. Meanwhile, over in the U.S., traders are eyeing the new home sales data, anticipated at around 724,000.

Shifting focus to the indices, we’re witnessing an intriguing start to the week with a palpable correction attempt. This is particularly evident in the NASDAQ, which hovers above a pivotal support level at 15,900 points. The implications of this positioning are twofold: Should there be a breach below this threshold, it could trigger a sell signal, indicative of a false breakout pattern from the previous week. Conversely, resilience above this support might suggest a continued bullish momentum, offering a potential buying opportunity.

In the realm of Forex, the American dollar demonstrates a noticeable weakness as the week commences, while other major currencies maintain a more muted stance.

Commodities, however, are charting a more dynamic course. Gold, for instance, has impressively ascended to its highest level since mid-May, echoing a bullish sentiment. Silver, too, is on an upward trajectory, breaching a crucial mid-term downtrend line, signaling a potential buy scenario. In contrast, oil prices are trending downwards, aligning with the bearish trend observed towards the end of the previous week.

Source: https://www.axiory.com/analytics/market-news/gold-s-gleaming-rally-a-new-high-since-may