Top Three Markets to Watch This Week: Gold, Nasdaq, and USD/JPY 

The new month opens with a bang as trade tensions roar back into the spotlight. President Trump has doubled down—literally—hiking tariffs on steel and aluminium from 25% to 50%, brushing off Europe’s warning shots. Meanwhile, U.S.–China friction reignited after Beijing accused Washington of breaching their recent trade deal and vowed to retaliate. 

Yet markets held firm. Wall Street climbed on upbeat U.S. jobs data, while the ASX wobbled early as focus shifted to Australia’s Q1 GDP. The economy grew just 0.2%—well below Q4’s 0.6%—adding pressure on the RBA to cut rates again in July, following May’s 25bp move. 

This week, we’re zooming in on below three key markets: 

Gold

As shown on the daily chart, Gold is still glued to an uptrend and above its trendline and key moving averages. Price is consolidating just below resistance at $3,437 which has been tested since April. Support is near $3,172 which is in line with the trendline and the 50 day SMA ($3,242) which is still providing support. 

Momentum indicators are positive. KDJ has %K above 80 and rising – so still bullish but overbought could cause short term consolidation. Structurally gold is forming a bullish pennant – a classic continuation pattern. 

In the mid-term, a clean break above $3,437 could see $3,500 and beyond. Failure to break higher could see a retest of $3,172 or even $3,000 if trendline support fails. Overall, the short-term outlook is neutral-to-bullish amid overbought pressure, but the medium-term view remains firmly bullish as the uptrend structure stays intact and well-defined. 

Nasdaq

Based on the daily picture, the NAS100 seemly pressed against major resistance at 22,140 after recovering sharply from its April low. Price action remains comfortably above both the 20-week (20,367) and 50-week (20,279) SMAs—reinforcing the strength of the current trend. A weekly close above 22,140 could pave the way toward uncharted territory above 23,000. 

Support is now layered at 20,430 and 19,365—both tested during the Q2 pullback. The KDJ shows %K punching above 80, reflecting strong bullish momentum, though near-term overbought conditions warrant caution. 

Bulls remain in control for now, but we’re nearing a critical inflection point. A rejection could see a healthy pullback to the 20,400 zone. A breakout, on the other hand, could accelerate the next leg higher. Mid-term outlook stays bullish—pending breakout confirmation.

USD/JPY

USD/JPY has been swinging within a descending triangle for weeks, capped by resistance from late 2024 highs and anchored by support near 142–143. Trading around 143.95, the pair remains below both the 50-day (144.81) and 200-day (148.57) SMAs, keeping mid-term pressure tilted bearish.  

The Fibonacci retracement from the April high to May low marks 144.73 (50%) and 145.63 (61.8%) as key resistance zones. On the flip side, support at 143.40, 142.45, and 140.90 remains crucial—with a drop below 140.90 risking a slide toward the psychological level at 140. 

Momentum indicator KDJ hints at short-term bullish divergence, but without a breakout, expect range-bound action between 141.00 and 145.00. 

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