Targets Respected: Gold, Brent Oil, Micron, NAS100, DJ30, even Cryptos

Market sentiment has been soured by the recent selloff across major assets.

This week:

• SP500 has fallen to a 2-week low, as investors withdrew about US$ 8.5 billion from US stocks in the week ending June 24th (per Bank of America, EPFR Global data)
• Gold (XAUUSD+) is set for a 6th weekly drop over the past 7 weeks, amid a stronger US dollar on rising expectations for Fed rate hikes by end-2026
• Bitcoin dipped once again below $60,000 - hitting its lowest levels in almost 2 years (since September 2024)

Still, in a week of falling prices, 5 major assets also respected our recent price targets and outlined scenarios!

1) Brent oil (UKOUSD) erases Iran war gains - as expected

• Monday, June 22nd: what we wrote in “3 Assets to Watch” report ...

Brent oil to erase Iran war gains?

DOWNSIDE: If the 200-day SMA fails as the crucial immediate support level, Brent oil could sink towards $72/bbl and wipe out all of its post-war gains should US-Iran peace talks hail further positive breakthroughs towards a sustainable end to this Middle East conflict.

• Thursday, June 25th: Brent oil sinks towards $72/bbl before rebounding off that psychological level

2) Micron respects $1055 downside target set at start of this week

• Monday, June 22nd: what we wrote in “3 Assets to Watch” report ...

“DOWNSIDE: Micron may pull back to $1055 ...”

• Tue-Wed, June 23rd-24th: Micron races ahead to test support around $1055.

To be clear, Micron’s stellar earnings outlook sent this stock skyrocketing 15.7% on Thursday, June 25th - greater than the 10.1% post-earnings move forecasted by options market.

However, the souring broader sentiment surrounding the AI trade is prompting Micron and other AI stocks to relinquish recent gains.

Still, Wall Street analysts predict Micron’s stock price could rise another 24% over next 12 months.

3) NAS100 fulfills June 15th downside scenario

• Monday, June 15th: what we wrote in “3 Assets to Watch” report ...

DOWNSIDE: NAS100 may pull back towards the 29,000 level for psychological support, with its 50-day simple moving average (SMA) potentially called in for stronger support, if ... the Federal Reserve suggests it may have to raise interest rates in the US sometime this year.

• Wednesday, June 17th: Fed Chair Kevin Warsh reaffirms commitment to move US inflation towards central bank’s 2% target, raising prospects of a Fed rate hike.

^{READ MORE (published June 18th): 5 key takeaways from the “new” Fed}

• Wed-Fri, June 24-26th: NAS100 finds support around 29,000 psychological level and 50-day simple moving average (SMA)

Wall Street analysts predict the Nasdaq 100 could rise another 20% over the next 12 months.

4) Gold (XAUUSD+) forms “death cross” as expected

• Wednesday, June 24th: we wrote ...

“Gold is about to form a technical pattern that signals more price declines ahead."

• Friday, June 26th: Spot gold duly forms this “bearish” technical pattern.

Also ...

• On June 18th, Bybit Learn’s Chief Market Analyst, Han Tan, shared this with the media ...

“The hawkish Fed leaves spot gold with a greater bias of dipping back into sub-$4,000 waters ...”

• Wed-Thur, June 24-25th: Gold duly “dips” below $4k, before rebounding slightly.

Bloomberg’s model predicts 73% chance Gold will trade between $3893 - $4219 over next week.

5) US Dollar, Gold, Cryptos, and US Stock Indices behave accordingly to “hawkish” Fed

• Thursday, June 18th: what we wrote in “5 key takeaways from the ‘new’ Fed”

With the new Fed boss firmly focused on getting US inflation under control, that could mean US interest rates going higher.

Such prospects could in turn translate into:

• Stronger: US dollar
• Weaker: Gold, cryptos
• Still resilient?: US stock indices may still punch higher, assuming the fervour for AI stocks persists.

• Since then, from June 18th through today (Friday, June 26th):
• US Dollar +1% (stronger)
• Gold: -3.8% (weaker)
• Bitcoin: -4.7% (weaker)
• DJ30 index: +0.7% (resilient)

Note that the SP500 and NAS100 indexes are laden with tech/AI stocks, which have caused them to falter as the “fervour for AI stocks” is eroded.

Yet, the DJ30 (Dow Jones Industrial Average) still "punched higher", even posting a new record high just yesterday (Thursday, June 25).

Wall Street analysts predict the Dow could rise another 11% over the next 12 months.

DISCLAIMER:

This article is provided for general information and reflects the author’s views only. It does not constitute investment advice, nor an offer or solicitation to buy or sell any financial instruments or digital assets. Your ability to access or use any products or services mentioned may be subject to the laws and regulatory requirements of your jurisdiction.