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NAS100 Weekly Chart

The NAS100 rose over the week, climbing back above the 23,250 level and recovering roughly 80% of the prior week’s losses. This performance suggests the index may be entering a consolidation phase around current levels, or potentially setting up to challenge the previous week’s high.

This week’s upcoming inflation data will test the momentum of the U.S. market rally, with some investors warning that stocks could face a pullback. The U.S. Consumer Price Index (CPI) monthly report is due out on Tuesday.

U.S. stocks closed higher last Friday, with the S&P 500 rising 2.4%, the Dow Jones up 1.3%, and the Nasdaq climbing 3.9%. The Nasdaq notched a record closing high for the second consecutive day — its 18th record close in 2025 — and is now up about 11% year-to-date.

Apple and other tech stocks rose as investors grew more optimistic about potential interest rate cuts. Apple gained 4.2% on the day and surged 13.3% for the week, marking its biggest weekly percentage gain since 2020.

XAUUSD Weekly Chart

$3,400 remains the key resistance to watch in the coming days, a stronger Greenback and improving risk appetite have kept the dollar-denominated metal below the key $3,400 psychological level. However, growing expectations for a September rate cut by the Federal Reserve may offer some support to the non-interest-bearing precious metal.

Gold (XAU/USD) was trading around $3,394.20 per ounce. Gold’s gains in the U.S. last Friday were limited: although earlier reports that Trump would impose tariffs on gold bars briefly pushed prices up to $3,408.71, prices quickly fell back below $3,400 after the White House clarified its stance on gold bar tariffs.

Gold (XAU/USD) eased toward $3,390 in early Asian trading on Monday, pressured by a modest rebound in the U.S. Dollar. The pullback comes as investors await Tuesday’s release of the U.S. inflation report.

US July CPI release on Tuesday 12 August

U.S. inflation is expected to have ticked higher in July, at least on a year-over-year basis. Economists forecast a 2.8% annual increase in consumer prices, up from 2.7% in June.

An upside surprise in the CPI reading could weigh most heavily on the Nasdaq 100, which has climbed more than one-third since its post-tariff announcement lows on April 8. The rally has been fueled by expectations that the Federal Reserve will eventually lower interest rates. However, stronger-than-expected inflation could prompt the Fed to delay rate cuts, potentially dealing a notable setback to the stock market.

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