U.S. stocks rise, Gold price falls following strong earnings

U.S. equities were higher across the board in today’s session, as markets rebounded following recent economic-led volatility.

Today’s rally comes as Q2 earnings season neared its conclusion, with over 80% of the companies that have released earnings outperforming expectations.

McDonald’s and Spotify were among the companies to release earnings on Wednesday, with the fast-food franchise recording revenue of $6.84 billion vs $6.7 billion expected.

Markets were also buoyed by Apple announcing that it would invest a further $100 billion into a new “American Manufacturing Program”, bringing total investments over the next six years to $600 billion.

$APPL jumped by as much as 5% in today’s session, with XAUUSD falling by as much as $30 during the session.

The drop comes as investors found opportunities in stocks, as opposed to seeking shelter from safe havens like Gold.

Despite this, XAUUSD bulls remain optimistic about a move towards a long-term resistance level of $3,430. This move could occur once the relative strength index (RSI) of 14 days moves past a current ceiling at 56.00.