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US Dollar Majors, Gold, Oil, S&P 500, Dow Weekly Technical Outlook

Article By: ,  Sr. Technical Strategist
February 20, 2024 12:55 PM

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), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), GBP/JPY, 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 shortened holiday week.

Gold Price Chart – XAU/USD Daily


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

Gold is poised for a fourth-consecutive daily advance with a rally of more than 2.3% now within striking distance of the monthly-open at 2039. Ultimately, a breach / close above the 61.8% retracement of the late-December decline at 2048 would be needed to suggest a more significant low was registered last week. Initial support rests back at the record high-week close (HWC) / October high-day close (HDC) at 2004/06 with critical support steady at 1975/78. I’ll publish an updated Gold Short-term Outlook later this week with a closer look at these levels.

US 10 Year Treasury Yield – US10Y Weekly

Chart Prepared by Michael Boutros, Technical Strategist; US10Y on TradingView

We didn’t get a chance to discuss yields today, but I wanted to highlight this resistance zone we’ve been tracking in the 10-year at 4.29/32 -a region defined by the 1998 low-close and the 61.8% Fibonacci retracement of the subsequent 2000 decline. Looking for possible inflection here- initial support with the 52-week moving average (currently ~4.03) backed by 3.81. Broader bullish invalidation steady at 3.63.

A topside breach / weekly close above this threshold exposes the next major technical hurdle at the 61.8% retracement of the October decline at 4.55- look for a larger reaction there IF reached.

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

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