Gold price, Nasdaq 100, EUR/USD

Most read: USD/JPY Forecast – Hot US inflation sparks bullish breakout, key levels ahead

Gold price forecast – analysis

Gold prices (XAU/USD) fell and hit their weakest point in two months on Tuesday after higher-than-expected US CPI data led to a tight repricing of Fed interest rate expectations, boosting US Treasury yields and the US dollar across the board.

With progress in combating inflation stalling, the US central bank may delay the start of its easing cycle and opt for only modest interest rate cuts when the process begins. This could mean higher bond yields and a stronger US currency for longer, a situation that could put downward pressure on precious metals.

Technically, the price of gold fell below the $2,005 level and quickly fell towards its 50-day simple moving average at $1,990. If prices fail to stabilize around these levels and extend to the downside, we could soon see a move towards the $1975 level. In the event of further weakness, all eyes will be on the $1965 area.

In the event of a bullish reversal, which seems unlikely at the moment given the lack of positive catalysts, resistance looms around the $2,005 area. Beyond this technical ceiling, focus will shift to the 50-day simple moving average hovering near $2,030.

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Gold price chart – technical analysis

Gold price chart created using TradingView

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Nasdaq 100 Forecast – Analysis

The Nasdaq 100 index suffered a severe setback on Tuesday, falling more than 1.5%, on the back of higher US interest rates following higher-than-expected CPI numbers. With yields rising toward new highs for the year, stocks will have a hard time staying afloat, meaning a big correction could be just around the corner.

In terms of relevant technical thresholds, the first major support to watch appears at 17555, which corresponds to the short-term uptrend line extending from the October lows. If prices fall below this area, the area will fall directly at the 17,150 level, just above the 50-day simple moving average.

On the other hand, if the bulls can come back and spark a meaningful rebound, resistance appears at the all-time high around 18,125. Sellers are expected to guard this ceiling aggressively, but in the event of a breakout, the technology index may find itself gravitating towards 18,300.

Nasdaq 100 Chart – Technical Analysis

Nasdaq 100 chart created using TradingView

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EUR/USD forecast – analysis

The EUR/USD pair fell sharply on Tuesday, hitting a three-month low and closing below the support at 1.0720. If this collapse continues in the coming days, sellers may be encouraged to start attacking 1.0650. Continuing losses from this point onwards may turn the spotlight on 1.0520.

Conversely, if buyers regain the upper hand and trigger a turnaround, the first technical hurdle to watch could be spotted near 1.0720. Above this area, the next resistance area is near 1.0800, where the 100-day simple moving average is in line with a short-term bearish trend line.

EUR/USD chart – technical analysis

EUR/USD chart created using TradingView