SPX 500 Nvidia stock propels for indexes
Tech companies led the rally on Wall Street, with Nvidia Stock mainly leading the charge, with shares soaring more than 8%. The index looks to recover from the August sell-off as price action looks to another record. With the Fed looking to have the last word on the direction of the market, an aggressive policy cut could lead to a big shake-up for the S&P500. 5400 is the closest support, and 5650 is the resistance ahead.
AUDUSD drops as sentiment grows sour
The Aussie extended its decline as traders still digest the US NFP report to register a fresh monthly low. The recent weakness could persist as it initiates a series of lower highs and lows. With the pair dropping away from the yearly high, traders await the Federal Reserve’s decision to see how volatile the markets will get. The pair bounced at 0.6600, and 0.6750 was the first resistance.
XAUUSD hits another record
Gold is testing significant resistance as it pushes above its all-time highs. The precious metal is seeing solid bullish momentum as the ECB continued easing its monetary policy with another 25-basis point cut. This will pile more pressure on the Fed to begin cutting their rate, as they lag most of the top central banks around the world. With the gold rally expected to continue, traders are convinced that the $2700 level will be breached by the end of this year. 2580 is the first resistance ahead, and 2500 remains the support.