DBG Markets: Market Report for August 24, 2026

High Impact Event Ahead: Nvidia Earnings, Jackson Hole & PCE Data

US Dollar, US Equities, Precious Metals & Cryptocurrencies Weekly Outlook

Global financial markets closed last week on a defensive note as persistent pressure from surging long-term U.S. Treasury yields compressed valuation premiums across risk assets, sending U.S. equity benchmarks and the U.S. Dollar lower in tandem. Conversely, spot gold captured robust safe-haven allocations, advancing strongly against the grain.

Key Macro Catalysts Driving Volatility This Week

Monday's session is expected to remain relatively quiet, with a light economic calendar allowing markets to consolidate early-week price action. However, sharp volatility is set to build toward midweek as a cluster of high-impact events unfolds:

· Nvidia Q2 Earnings (Wednesday): A pivotal update for global equities. Market participants will parse these results to evaluate broader technology valuations and gauge the underlying health of the global AI trade.

· Jackson Hole Economic Symposium (Aug 27-29): Central bankers gather in Jackson Hole, where speech guidance will be parsed for concrete clues regarding the Federal Reserve's September policy path and broader rate-cut trajectory.

· U.S. July PCE & Second-Estimate GDP Data (Thursday/Friday): The Fed‘s preferred inflation gauge will provide crucial evidence to solidify or reshape market expectations ahead of September’s interest rate decision.

Technical Analysis & Major Asset Outlook

US Dollar Index: 99.00 Support Broken; Bearish Stance Intact

The US Dollar Index remains under structural selling pressure after decisively breaking below its 99.00 support handle. The technical bias favors continued downside movement while price action remains capped beneath key overhead boundaries.

USD Index, H4 ChartUS Equities: Rebound Offers Brief Relief Beneath Yield Pressure

Friday's modest equity bounce provided short-term breathing room, but elevated long-term bond yields continue to constrain overall market upside. Hence, the weekly outlook for U.S. equity indices remains cautiously tilted to the downside.

US500, Daily Chart

UT100, H4 ChartSpot Gold: Bullish Breakout Confirmed Above $4,500 Handle

Spot gold firmly confirmed its bullish breakout structure by surging above the psychological $4,500/oz handle, backed by persistent safe-haven demand.

XAUUSD, Daily Chart

The daily chart maintains a strongly bullish posture. However, watch for a major overhead resistance zone near $4,660 – $4,760, which marks the previous historical peak from April 2026. Should we see a technical corrective move, this zone will serve as major resistance.

XAUUSD, H2 ChartSpot Silver: Testing $70 Resistance; Caution Advised on Pullbacks

Similarly, spot silver mirrors gold's broad bullish momentum, advancing toward major long-term resistance targets and currently approaching the major $70.00 psychological threshold.

XAGUSD, H4 ChartDigital Assets & Crypto Analysis: Legislative Tailwinds and Fiat Softness Fuel Surge

Crypto assets experienced a strong surge higher, benefiting from advancing bipartisan legislative frameworks in the U.S. Congress alongside rising Treasury yields and a softening U.S. Dollar. The macro environment continues to favor digital assets over traditional fiat currencies.

Bitcoin (BTC/USD): Eyeing $78,000 Resistance Barrier

Bitcoin is capitalizing on broader dollar weakness and improving institutional appetite, driving price action higher.

BTCUSD, Daily Chart

Ethereum (ETH/USD): Testing $2,400 Breakout Zone

Ethereum followed Bitcoin's bullish momentum, pushing through key technical levels.

ETHUSD, H4 ChartBottom Line & Asset Summary

A light Monday economic calendar yields to a volatile midweek lineup featuring Nvidia earnings, the Jackson Hole Symposium, and U.S. PCE inflation data. The US Dollar Index remains bearish below 99.00 – 99.15 resistance, Gold holds a confirmed bullish structure above $4,500 support targeting $4,650 – $4,700, Silver tests $70 resistance, and Crypto assets build on legislative momentum while eyeing key breakout resistance handles.

· US Dollar Index: Bearish Stance; 99.00 broken, immediate support at 98.50, with 99.00 – 99.15 resistance offering sell-on-rally setups.

· US Equities (S&P 500 / Nasdaq 100): Cautiously Bearish; S&P 500 eyeing 7,600 retest and Nasdaq 100 facing resistance at 29,700 – 30,000 with downside risk toward 29,000 – 29,300.

· Spot Gold: Bullish Expansion; $4,500 – $4,520 support floor holding, targeting major resistance at $4,650 – $4,700 ($4,660 – $4,760 macro target).

· Spot Silver: Testing Resistance; uptrend intact but testing $70.00 psychological resistance, with $66.00 acting as primary support on pullbacks.

· Bitcoin (BTC/USD): Approaching Resistance; bullish breakout active, targeting $78,000 resistance with primary pullback demand at $72,600 – $74,500.

· Ethereum (ETH/USD): Breakout Test; testing $2,400 resistance, watching for retests of $2,400 or $2,240 to confirm structural support.