Retracement Zone

The S&P 500 remains in a broader uptrend, but a minor downtrend and a nearby resistance band are keeping the recovery selective. Traders are watching Fed commentary, Micron earnings, oil headlines and Friday’s jobs report for the next market catalyst.

Spot silver settled higher for a second session on Friday after the dollar failed to extend its early strength. Technical traders are now focused on whether XAGUSD can hold $66.75 and challenge $68.33, where the main trend would turn up.

Gold gained breathing room after yields pulled back below 5% and the US Dollar Index paused near 99.67. Technical traders are watching whether Warsh’s tone keeps the rebound alive or turns the move into a short-covering rally.

Natural gas has fallen back below the psychologically important $3 area as cooler weather forecasts reduce expectations for power-sector demand. The broader uptrend remains intact for now, but traders are watching a tight support cluster and the 50-day moving average for confirmation of the next move.

Spot gold is under heavy pressure after falling through its 200-day moving average, a level technical traders now view as potential resistance. A hawkish shift in rate expectations has added momentum to the selloff, with markets repricing the path for policy into September and December.