NASDAQ Tests Key Level Ahead of Jobs Data

🌟 Good morning, Traders! 🌟

Welcome to today’s edition of The Daily Trader! In this post, we will give a detailed outlook on the market to help you confidently navigate this weeks session. Along with these setups, we’ll share key levels to watch and insights to keep you sharp in today’s session. Let’s dive in!

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NASDAQ Analysis

Last week was a choppy one for the NASDAQ as markets reacted to a mix of earnings headlines, economic data, and shifting sentiment around interest rates. While the index made several attempts to push higher, upside momentum struggled to hold as traders leaned toward profit-taking near recent highs.

The NASDAQ caught a solid 1% bounce today, giving buyers a chance to regain some momentum after recent weakness. Price is now testing a major Fibonacci golden pocket between $25,904 and $25,940, which will likely decide the next directional move.

If we see a clean break and hold above this zone, the door opens for a push toward $26,000+ and potentially further upside as buyers step back in. A breakout here would signal that today’s bounce has real follow-through behind it.

On the other hand, if the index rejects this golden pocket, it would suggest the rally is only corrective, and we could see another leg lower as sellers regain control. How price reacts in this area over the next session will be critical for the short-term outlook.

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GOLD Analysis - 2/02/2026

Gold suffered an aggressive pullback last week, now trading over 15% below its all-time high. The decline ranks among the largest moves we’ve seen in decades, but the selling appears to be driven mainly by profit-taking after a historic rally rather than any major change in the underlying fundamentals. After months of relentless strength, traders and funds simply reduced exposure, with gold and silver ETFs seeing heavy outflows that accelerated the move lower.

Even with the size of the drop, the broader uptrend remains intact. Throughout this cycle, long-term buyers have consistently stepped in during corrections, and previous pullbacks of this magnitude have proven to be opportunities rather than trend reversals. Gold’s core tailwinds — inflation concerns, geopolitical risk, and steady central bank demand — haven’t gone anywhere.

With price now deeply discounted from recent highs, the market is approaching levels where risk-to-reward skews heavily in favor of buyers. If support begins to hold and momentum stabilizes, this could mark the start of the next leg higher rather than the end of the move.

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The NASDAQ’s bounce is constructive, but price is now at a key decision zone. A break above the golden pocket would favor continuation higher, while rejection would keep downside risk in play. This is a market where confirmation matters more than anticipation.

Volatility is likely to pick up with several major data releases ahead. Job Openings on Tuesday, Initial Jobless Claims on Thursday, and Friday’s U.S. employment report and unemployment rate will all have the potential to move markets. Stay patient, manage risk carefully, and let the market react before committing to larger positions.

Fear and Greed Index

We hope you enjoyed today’s analysis, packed with all the juicy insights you need to conquer the trading world! Stay tuned for more updates, analysis, and watchlists from The Daily Trader. Remember, the secret sauce to trading success is staying in the loop and making those savvy decisions. Thank you for being an awesome part of our community, and get ready for even more epic content coming your way soon. Until next time, trade on and stay awesome! 🐂