Weekly market report – 20 Sep 2021

XAU/USD — Gold

Last week, gold suffered its second straight weekly loss, the lowest weekly close in the last six months. Lower than expected US CPI data helped last week's gold prices to trade higher than $1,800. However, US dollar strength later in the week caused gold to fall below $1,750. It closed a little above the 100 weekly SMA level of $1,751. Wednesday's FOMC policy announcement will be closely followed by the market this week. Gold is trading at a crucial level, and its movement will determine the next trend. The next support is the Fibonacci retracement of 61.8% at $1,720, and below that, it has major support at the 78.6% retracement level of $1,578. While on the higher side $1,814-1,820 will be the key level for the momentum to continue upwards.

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EUR/USD

It was a bearish second week for the EUR/USD last week. Higher prices of the US dollar Index are putting pressure on the prices of major currencies. Technically, it has major support at the 1.15890 levels, which is a weekly 200 SMA. While on the higher side, it might rebound to up to 1.1840 levels, and 1.19 will be the level for the trend reversal. The EUR/USD pair might show higher volatility due to the upcoming FOMC minutes and German election on Sunday.

Trade EUR/USD options on DTrader and CFDs on Deriv MT5 Financial and Financial STP accounts.

BTC/USD

Bitcoin continues to move range-bound for the second week. Its daily time frame shows it has multiple support near $42,780, which is a 38.2% retracement level. The next major weekly support will be near $40,625. A 61.8% retracement level of $51,200 will be the key resistance zone for further upside momentum.

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NASDAQ — US Tech 100

Last week, US Tech Index Nasdaq registered a second weekly loss. It started moving down exactly from its 161.8% weekly retracement level of around $15,712. An FOMC statement upcoming this week and an upward trend in the US dollar could result in a period of high volatility in the coming weeks. Technically, $15,157 may act as the first support level followed by major support near the $14,800 level. While on the higher side, $15,500 will act as the first resistance level followed by a trend reversal level of $15,712.

Trade US Tech Index options on DTrader and CFDs on Deriv MT5 Financial accounts.