Fed, US Dollar Majors, Gold, Oil, Bitcoin, S&P 500 Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we’re tracking into the weekly open
• Next Weekly Strategy Webinar: Monday, December 18 at 8:30am EST
• Review the latest Weekly Strategy Webinars on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), Bitcoin, British Pound (GBP/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Australian Dollar (AUD/USD), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), and the Dow Jones (DJI). These are the levels that matter on the technical charts heading into the weekly open.

US Dollar Index Price Chart – USD Daily (DXY)

Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView

Slight adjustment to some of our levels here on the Dollar - the focus remains on this recovery off critical support at 102.55/99. I recognize there are a lot of levels, but price is trading into a significant technical zone ahead of the Fed. Initial resistance stands with the February high-week close at 104.63 backed by the 61.8% Fibonacci retracement of the October decline. Key resistance remains unchanged at the yearly high-week close at 106.10- a close above this threshold is needed to fuel the next leg higher in price.

A break / weekly close below 102.55 would be terminal for the July uptrend and threaten a much steeper decline towards initial support at the July reversal close at 101.08. A more significant, longer-term support zone rests at the 61.8% retracement of the 2021 advance / 2019 swing high at 98.97-99.66. Watch the weekly closes with a breakout of the monthly opening-range likely to offer some guidance here.

Gold Price Chart – XAU/USD Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

Gold has broken significant support on this collapse with the price rebounding off initial support this week at the 50% retracement / July high-close at 1978. I’ve updated some of the levels here - initial resistance at 2009/16 backed by bearish invalidation at the May high-week close at 2036. A break / close lower from here exposes two key support zones at the 200-day moving average / 61.8% extension of the monthly decline at 1952/55 and the 61.8% retracement of the October rally at 1938- both levels of interest for possible downside exhaustion / price inflection IF reached. I’ll p publish an updated short-term gold technical outlook later this week.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

Follow Michael on X @MBForex