XAUUSD tensions push gold to another high
As pushing gold to another record high, investors remained dovish against what the US dollar could bring to the market. With the Fed heavily tight-lipped on the next signal to rate cuts, this left heavy speculation that another 50-basis point cut is in the pipeline. Adding to the increased geological tensions, gold eyes another rally to hit another psychological level of $2700. Sentiment could have a hard time attracting sellers below 2620, and as the yellow metal looks towards 2685.
EURUSD breaks new highs
The greenback has not been the most favourable instrument to trade with recently, as the Euro remains upbeat against its main competitor. Bears have continued to stall at tests of fresh lows, as the Fed’s rate cut announcement is still fresh in a lot of traders’ minds. As Fed Chair Powell prepares another testimony this week, it will be up to the bulls if they can drive another rally to test July’s highs towards 1.1300. 1.1150 is the first support below.
SPX 500 rises to another record
Indices were buoyant again as a series of economic data supported a solid American economy. This seemed to ease fears that perhaps the Fed is cutting rates aggressively because of a weak economy. Weekly jobless claims also fell more than expected, pointing to a steady labour market and driving the S&P to hit another all-time high. The quote hovers above 5640, and 5800 is a crucial resistance ahead.