Week in Review: Gold, DJ30 index, and SpaceX performed as expected!
AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
This week, the US earnings season rolled along, amid the persistent Middle East conflict.
And since our latest weekly list of "3 Assets to Watch", published this past Monday (August 3rd) ...
Gold, DJ30, and SpaceX have each performed as expected.
ICYMI, here's a quick recap:
(IMPORTANT: This Market Pulse report is published prior to today's NFP release)
1) Gold smashes past $4.2k upside target
Gold bulls (those hoping prices will go up) have so far enjoyed a week to savor - though the US jobs report still looms large (set to be released at 12:30 PM UTC today - Fri, Aug 7th).
So far this week, gold has surged to a 7-week high and appears set for a 6% weekly gain - potentially its largest weekly advance since January
Gold soared as dip buyers shrugged off simmering Middle East tensions, though expectations for Fed rate hikes may keep a lid on gold's potential upside.
RECAP:
What we shared on Mon, Aug 3rd (also in our prior weekly gold report published last Friday, July 31):
"Bloomberg's model forecasts a 73% chance that Gold will trade between $3950 - $4200 through the first trading week of August 2026."
Wed, Aug 5th:
Spot gold smashed past the $4200 upper bound of this week's expected trading range, climbing over 4% last Wednesday, to mark its biggest one-day gain in 6 months.
Fri, August 7th:
At the time of writing, gold is flirting with the psychologically-important $4300 level ahead of the NFP report.
READ MORE: Here's how XAUUSD+ might react within 6 hours after today's NFP release @ 12:30 PM UTC.
2) DJ30 index posts new record high - as expected
By mid-week, this US stock index soared into unchartered territory as its constituents posted better-than-expected earnings.
3) SpaceX respects 21-day SMA resistance
What we wrote on Monday, Aug 3rd:
"UPSIDE: SpaceX may clamber back above $120, assuming it can conquer its 21-day SMA resistance ..."
What happened - Aug 4-7th:
SpaceX briefly spiked above $130 - prior to its earnings release, before subsequently tumbling down.
Since then, prices have respected (markets don't dare push prices higher) that 21-day simple moving average (SMA) - a widely followed technical indicator we highlighted at the start of the week.
DISCLAIMER:
This article is provided for general information and reflects the author’s views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.