Gold, Nasdaq and AUD/USD: navigating a high-stakes week

This week opened on a muted note — but that’s far from the full story.

The ASX slipped below 8900 on Tuesday, dragged by softer results from heavyweights BHP and CSL. On Wall Street, trading was flat as investors kept watch on talks between President Trump, Ukraine’s President Zelenskiy, and European leaders. Trump has reportedly urged Russia’s leader to prepare for a summit with Zelenskiy aimed at advancing peace negotiations.

The bigger spotlight, however, falls later this week — the annual Jackson Hole Economic Policy Symposium kicks off Thursday in Wyoming. Fed Chair Jerome Powell will take center stage, with markets hungry for clarity on the rate cut outlook as sticky inflation collides with a sharply weakening labour market.

Against this backdrop of geopolitical tension and policy uncertainty, here are the markets to watch this week:

Gold (XAU/USD)

Gold has been consolidating in a wide horizontal channel since May, capped near $3,439 and anchored by support at $3,270. Over the past week, prices have hovered below the 20- and 50-day SMAs around $3,348, showing little conviction from either side. A descending trendline from recent highs continues to cap upside momentum, with $3,377 as the immediate resistance. On the downside, $3,272 and $3,181 remain key supports. The KDJ is turning from oversold territory, hinting at a short-term rebound, but the broader trend remains neutral until gold clears the $3,377–$3,439 resistance zone.

NAS100

The Nasdaq remains in a rising channel, trading near 23,713 after failing to sustain above the recent peak at 23,998. In recent sessions, the tech-heavy index has drifted sideways under the early-August upper trendline, signaling waning buying momentum. Key support sits at 23,637 and 23,457, with deeper cushions around 22,691. On the upside, 23,998 remains the breakout level to watch.

The 20-, 50-, and 100-day EMAs all slope higher, reinforcing the broader bullish bias. Still, the KDJ has rolled over into a death-cross from overbought levels, flagging a likely short-term pullback before buyers regroup.

AUDUSD

Since topping near 0.66 in July, AUD/USD has been under pressure from a descending trendline, slipping back below 0.65 this week. Resistance stands at 0.6552 before a retest of 0.6607, while support is layered at 0.6481 and 0.6420. The pair continues to hold above the 20-, 50-, and 100-day EMAs clustered around 0.6450, suggesting the structure remains resilient despite recent setbacks.

A break above the descending trendline would revive bullish momentum, but with the KDJ rolling lower from mid-levels, risks tilt toward another dip before buyers regain control.

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