ATFX Market Outlook 9th February 2026

Dow Above 50,000; Gold Range-Bound Ahead of U.S. NFP & CPI

Market Highlight

The Dow Jones Industrial Average broke above the historic 50,000-point mark on Friday, while the S&P 500 surged, supported by a sharp rally in chipmakers such as Nvidia. Meanwhile, Amazon shares plunged after the company warned that its AI infrastructure spending would rise significantly. For the week, the Dow gained 2.5%, the S&P 500 edged down 0.1%, and the Nasdaq slipped 1.9%.

The U.S. dollar retreated from a two-week high, giving back part of its safe-haven gains. The U.S. Dollar Index fell 0.34% in late trading, though it still rose 0.5% on the week.

Supported by dip-buying demand, a mildly softer dollar, and lingering concerns over potential U.S.–Iran talks in Oman, gold rebounded in choppy trade last Friday. Silver also recovered from a six-week low. Spot gold rose about 4% to $4,960.39 per ounce, bringing its weekly gain to 1.9%. Oil prices closed higher on Friday, reversing earlier losses, as markets remained concerned that U.S.–Iran negotiations may not be enough to reduce the risk of a military confrontation.

Key Outlook 

Markets will face a heavy slate of major economic releases this week, with the U.S. Nonfarm Payrolls (NFP) report and CPI inflation data firmly in the spotlight. These releases are expected to strongly influence market sentiment and the Federal Reserve’s policy outlook, likely triggering a fresh round of volatility.

Monday’s calendar is relatively light. During the Asian session, markets may react to the results of Japan’s weekend election. On the data front, the key focus will be the Eurozone February Sentix Investor Confidence Index. If the index rises for a third consecutive month and breaks out of negative territory, it would offer a more constructive signal for the Eurozone economy.

Key Data and Events Today:

17:30 EU Sentix Investor Confidence FEB ** 

Tomorrow:
19:00 US NFIB Business Optimism Index JAN ** 
21:30 US Retail Sales DEC ***

EURUSD

Resistance: 1.1890/1.1963

Support: 1.1771/1.1711

EUR/USD steadied near 1.1830, with safe-haven Dollar flows and tariff uncertainty capping upside, while the ECB’s cautious stance weighed on sentiment. Technically, resistance lies at 1.1890–1.1963, with downside support around 1.1771–1.1711.

GBPUSD

Resistance: 1.3605/1.3667

Support: 1.3543/1.3481

GBP/USD rebounded from the 1.35 area, but dovish BoE signals and political uncertainty continue to weigh on sentiment. Technically, resistance lies at 1.3605–1.3667, while a break below 1.3543 could expose the 1.3480 support.

USDJPY

Resistance: 158.17/159.23

Support: 156.51/155.67

Japanese Yen weakness persists as election-driven fiscal expectations weigh on it. USD/JPY holds firms above 156, with upside momentum intact, though selling interest is emerging near 158.17, suggesting near-term consolidation rather than a clean breakout.

US Crude Oil Futures (MAR)

Resistance: 63.81/64.45

Support: 62.26/61.75

WTI holds near $63 as US–Iran tensions keep downside risks capped, while diplomatic hopes cap upside. Price action shows buying interest around $61.75–62.26, but rallies continue to stall near $63.81–64.45, leaving oil locked in a choppy range.

Spot Gold

Resistance: 5149/5202

Support: 4877/4825

Spot Silver

Resistance: 86.49/92.14

Support: 68.27/62.52

Gold firms, such as geopolitical tensions and tariff risks, revived safe-haven demand. Technically, bids remain active around the $4,825–4,877 zone, while upside momentum may now test the $5,149–5,202 resistance area. A renewed push towards $5,000 cannot be ruled out if risk sentiment deteriorates.

Dow Futures

Resistance: 50233/50374

Support: 49772/49633

Dow Futures pushed to fresh record highs above 50,000, supported by strong chip stocks and upbeat earnings. Price action remains trend-supported, though selling interest is emerging near the 50,233–50,374 zone. Near-term consolidation may unfold above the 49,633–49,772 support zone.

NAS100

Resistance: 25404/25584

Support: 24867/24641

NAS100 rebounded sharply on chip-led buying, though elevated AI capex continues to weigh on sentiment. Price bounced from the 24,641–24,867 support zone, indicating improving short-term demand. However, the 25,404–25,584 area remains a key supply zone, where upside momentum may slow unless decisively cleared.

BTC      

Resistance: 74453/78937

Support: 64344/59935

Bitcoin erased all Trump-era gains as thin liquidity and tech-valuation concerns fuelled volatility. Price rebounded from the 59,935 area, but the upside remains corrective. The 74,453–78,937 zone is a heavy-supply region, suggesting sentiment recovery may take time rather than a quick trend reversal.

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