DBG Markets: Market Report for August 27, 2026

PCE Inflation & Nvidia Earnings Offer Mixed Signals

Mixed Signals: Hotter PCE Data vs. Nvidia Earnings Beat

The macro landscape remains caught between a slightly hotter inflation print and strong corporate earnings on Wednesday.

Nvidia Q2 Earnings Beat

Revenue came in at $30.04B vs. $28.7B expected. Nvidia's CFO signaled robust sales growth extending into fiscal 2028, easing market concerns over an AI spending slowdown and sending shares higher in after-hours trading.

Slightly Hotter PCE Inflation

This slightly elevated Fed rate-hike bets without triggering a major policy repricing, providing a brief defensive boost to the U.S. Dollar.

Technical Analysis & Major Asset Outlook

US Dollar Index: Regains 99.00; Watch for Hold

The US Dollar Index staged a defensive rebound after reclaiming the 99.00 psychological boundary, supported by the slightly hotter headline PCE reading and likely also profit-taking in recent short positioning.

USD Index, H4 Chart

Outlook: If 99.00 holds as new support, the dollar could extend its recovery toward the 99.50 resistance region. However, if price action falls back beneath 99.00, the overarching bearish posture will resume control.

GBP/USD: Technical Pullback Threatens Deeper Test Toward 1.3550

As opposite to the Dollar Index, Cable experienced a pullback as the greenback stabilized, keeping short-term price action tilted to the downside, and more can be expected if the dollar surges further toward 99.50.

GBPUSD, Daily Chart

GBP/USD is undergoing a technical retracement after failing to clear higher overhead resistance.

GBPUSD, H2 Chart

Outlook: Near-term bias favors a cautious consolidation with continued downside risk toward the primary 1.3550 structural support area. A failure to hold above 1.3550 could open the door for a broader corrective phase toward 1.3500, where these previous breakout levels are being checked for support.

Spot Gold: Recovers Off Dip; $4,600 – $4,660 Range Dictates Next Move

Spot gold pulled back off its $4,660/oz peak after several days of testing that ceiling, but Thursdays Asian session saw a swift recovery, signaling that underlying buying momentum remains intact.

XAUUSD, H2 Chart

Outlook: The outlook stays bullish-to-consolidation within this $4,600 – $4,660 range, where traders can watch for the following scenarios:

• Bullish Extension: A decisive breakout above $4,660 confirms a bullish continuation toward new high targets.

• Corrective Pullback: A break below $4,600 opens up a deeper pullback toward $4,540, which still represents a healthy retest within the macro uptrend.

Nasdaq 100 (UT100): Reclaims 29,000 – 29,300 Support Floor

The tech-heavy index captured intraday tailwinds late Wednesday as Nvidia's earnings beat relieved immediate sector pressure.

UT100, H4 Chart

Worth noting, as we step into September—which is usually seen as a bad month for equities—traders may need to be temporarily cautious of any overly optimistic sentiment now, particularly with equities recently showing slowing momentum.

S&P 500 (US500): Reclaims 7,700 Pivot Level

The S&P 500 mirrored broader market relief, pushing back above key intraday boundaries.

US500, H4 Chart

Hence, the key zone now falls within the two areas as marked in the blue and red boxes on the chart.

Bottom Line & Asset Summary

Slightly hotter PCE inflation initially dragged equities lower, but Nvidias solid revenue beat restored risk sentiment late in the session. Ahead of tomorrow's Jackson Hole event, we can expect the market today to be more in a pre-test stage, where technical levels should be in focus to see where bulls and bears establish their boundaries.

• US Dollar Index: Defensive Rebound; reclaimed 99.00 with 20/50-EMA bullish crossover, watching if 99.00 holds to extend recovery toward 99.50.

• GBP/USD: Retracement Active; broke below 1.3600 handle, with downside risks extending toward primary support at 1.3550 and secondary support at 1.3500.

• Spot Gold (XAU/USD): Range-Bound Consolidation; holding $4,600 floor after pullback from $4,660 peak, watching for a $4,660 breakout or a $4,540 retest.

• Nasdaq 100 (UT100): Short-Term Relief; regained 29,000 – 29,300 support floor, but upcoming September seasonal headwinds advise caution on chasing gains.

• S&P 500 (US500): Pivot Test; reclaimed 7,700 pivot level, with sustained price action above needed to target record highs and avoid a drop back to 7,600.