Weekly market report – 30 Aug 2021

XAU/USD — Gold

Last week, gold prices managed to cross a multi-week high and closed near to its key resistance level of around $1,820. A dovish Jackson Hole Symposium outcome followed by the Fed's Powell speech helped gold prices to hold their three-week positive trend. In the coming week or two, the prices might continue to hold a bullish view but with choppiness. On the higher side, it has multiple resistance around the $1,830 and $1,845 zone, anything above that signals that it might attempt to get back to the $1,900 levels. On the downside, $1,780 and $1,760 will continue to provide support. For the upcoming week, the market will keep an eye on non-farm payroll data on Friday.

Trade Gold options on DTrader and CFDs on Deriv MT5 Financial account.

EUR/USD

The major currency pairs EUR/USD climbed last week and closed just above the 1.1800 level. It hasn’t crossed this level for three consecutive weeks, but the US dollar Index correction helped the EUR/USD recover from its monthly low. Going forward, the price is likely to remain volatile. The resistance zone for the pair is 1.1800-1.1815, while on the downside, the first support is 1.1750 followed by 1.1700.

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

NASDAQ — US Tech 100

The US Tech Index, Nasdaq, hit a record high last week due to the Fed’s dovish comments and a decline in bond yields. Wider expectations of delayed tapering by the Federal reserve is helping the major indices to rise. The market momentum is positive, as long as the market doesn't experience some setbacks due to geopolitical tensions in Afghanistan. On the higher side, the next levels to watch will be $15,600 and $15,774, while on the downside, $14,870 is the key support area for the week.

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

BTC/USD

Last week, the price of BTC/USD crossed the $50,000 mark and later dropped back to $48,000. The overall trend of BTC/USD remained bullish for the last two months, and it needs to cross the $51,000 level for a fresh uptrend. In the event of any pullback, it might take support near $45,000 and below that at $41,700.

Trade BTC/USD multipliers on DTrader and CFDs on Deriv MT5 Financial and Financial STP accounts.