SPX 500 retreats as stocks tumble
The S&P shed a few points amid concerns about slowing growth within the American economy, with stocks tumble. The market seems to be very jumpy to any incoming data, especially SIM and NFP numbers. The early August sell-off is hoped to be a thing of the past, with the US seemingly avoiding a recession. With September being the worst month on average for the S&P over the last 10 years, economists will be looking for a reprieve. The index is hovering above 5400, with 5640 as resistance ahead.
GBPUSD awaits unemployment data
Sterling remains under modest bearish pressure as prices slide away from the recent peak at 1.3250. The outlook suggests that sellers are regaining control as the focus shifted to the ISM PMI figures. Progressive data, including a decent NFP jobs number could be the catalyst for a deeper correction. Concerns over worsening conditions in the jobs market could make it difficult for the pound to preserve its strength. 1.3000 is a fresh support and 1.3180 the first resistance.
XAUUSD looking for another record
As Gold finishes higher for the seventh consecutive month, the yellow metal is now up over 20% year-to-date. Is it now taking a breather? Last week’s US data saw a shift in the dynamic, and there could be another rally in sight, as some traders believe that Gold is still undervalued. Considering the significant devaluation and loss of purchasing power of fiat currencies worldwide due to high inflation. 2440 is significant support, and 2550 is the hurdle to clear and confirm its strength.
