James Stanley: NQ rises to next test zone as earnings provide support

James Stanley: NQ rises to next test zone as earnings provide support
NQ tests next zone on earnings support

NQ advanced to its next zone for a test, with current earnings supporting the move, according to James Stanley, senior strategist at DailyFX.

Stanley added that oversold conditions like these are uncommon, and questioned whether bulls will continue to drive the move.

Stanley previously said that gold remains in consolidation, with sellers evident near $4200 and a break above $4235 needed to trigger further price action, according to a recent note. He also noted spot gold’s resilience, observing that it was approaching its longest run without a weekly close below $4,000 in over a year with an FOMC meeting approaching, as seen in an earlier update. These observations underscore Stanley’s focus on key technical levels and event-driven price behavior.

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