Pairs in Focus This Week: #Gold,#Oil,#NASDAQ 100 (2-6 OCT 2023)

Gold

Gold markets have been destroyed during the week, and it now looks like they are racing toward the $1800 level. I have no interest whatsoever in trying to buy gold, because I do think that it is probably only a matter of time before we see this market break toward the $1800 level. On any short-term rally, I am selling the first signs of exhaustion as gold is continuing to get beaten up by interest rates, and the size of this candlestick shows that something just broke.

US Oil

The West Texas Intermediate Crude Oil market has initially shot higher during the week they gave back gains rather quickly. This shows that we are getting a little overextended, and therefore I think it does make a certain amount of sense that we would see this market pull back a bit. That pullback should end up being a nice buying opportunity due to the fact that there is a serious supply/demand issue out there. If we break above the top of the candlestick, then it’s very likely that we could go looking to the $100 level.

NASDAQ 100

The NASDAQ 100 has been all over the place during the week, which makes sense considering that it was the last week of the month. Quite frankly, there’s a lot of “end of the month markup” coming into the picture, and I think you got a situation where we are more likely than not going to see a little bit of a bounce. We don’t technically have a bullish flag formed, but you can make an argument for it at the moment. While I’m not necessarily excited about the US economy, there is a certain amount of “groupthink” that comes into this market, as traders continue to buy all of the top stocks yet again.

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