XAUUSD drops lower
Gold remains under pressure as traders focus on the continuation of the dollar’s rebound in recent sessions. With the ongoing global tensions, along with economists awaiting the next move from the White House, the yellow metal could either move to another record peak or sink towards $3000. The uncertainty of the market in the past few months has been beneficial to gold traders. As the chart shows, the price hovers around 3300, with 3220 as the closest support.
UKOIL remains choppy
Oil prices remain under pressure with supply concerns as OPEC+ agreed to leave their output policy unchanged and are not looking at rolling out their production cuts at its next meeting. In addition, geopolitical tensions and supportive fundamentals have led some oil traders to bail out their long-term positions. With the summer driving season upon us, the call on oil will hopefully be looking stronger. Prices are now testing 66.00, with 62.30 being a strong support.
NAS 100 continues recovery
Indices across the board were boosted by last Week’s block by the Federal Court on Donald Trump’s proposed reciprocal tariffs. Solid stock earnings also continue to bolster the market as the Nasdaq aims to set another fresh high. The index has already jumped almost 10% in May and is looking to continue the trend. Should the tariff war continue, which is looking likely, there could be a slight pullback on the rally with 20000 a key support, as 21500 is the next target higher.
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