CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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

Article By: ,  Sr. Technical Strategist

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

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

 

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.

GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2024