Gold Futures (GC)
Gold closed at $2,760.8 per ounce on the last trading day, showcasing a steady uptrend. Investors are eyeing it as a safe haven amidst ongoing geopolitical tensions and persistent inflation concerns. These factors have bolstered Gold’s role as a hedge against economic uncertainty.
Key Technical Levels:
• Support: $2,740 and $2,700 remain critical.
• Resistance: A potential breakout could happen at $2,800, signaling more upside momentum.
Outlook: Global economic data, particularly from the U.S. and Europe, along with any Federal Reserve cues, will shape Gold’s path. Traders should watch inflation data and central bank policies closely.
Nasdaq 100
The Nasdaq 100 ended the week at 20,476 points, driven by strong performances from tech giants. The recent tech earnings reports have fueled the Nasdaq’s rally, reflecting optimism around future growth, despite concerns over economic slowdown.
Key Technical Levels:
• Support: 20,250 and 20,000 are immediate levels to watch.
• Resistance: Breaking 20,700 could lead the index to test the 21,000 mark.
Outlook: The market’s attention will be on major U.S. economic indicators, including Q3 GDP data and employment figures. Fed policy announcements, especially regarding interest rates, could shift market sentiment.
Upcoming Earnings & Major News
Next week, notable earnings include Apple, Microsoft, and Amazon, which will significantly impact the Nasdaq. Additionally, the U.S. Q3 GDP report and Federal Reserve meeting will provide critical insights for both equity and commodity markets.
Tesla’s Recent Performance
Tesla saw a strong surge in its stock recently, driven by a positive earnings report highlighting better-than-expected revenue and solid delivery numbers. The market reacted to Tesla’s robust guidance on future growth, especially regarding electric vehicle advancements and AI integration in its operations.
Trade safe, be smart and enjoy your weekend