US Dollar Majors, Gold, Oil, S&P500, Nasdaq Weekly 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, October 23 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), Japanese Yen (USD/JPY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones (DJI). These are the levels that matter on the technical charts heading into weekly open.

Gold Price Chart – XAU/USD Daily

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

Gold has now rallied through (and closed above) key resistance noted in last week’s webinar at 1903/14- IF this breakout is legit, losses should limited to this range. Subsequent resistance objectives eye at the 50% retracement / September highs at 1945/53 with key resistance now eyed back at 1977/82. A pivot back below this hurdle would threaten another test of the November 2021 high at 1877- look for a reaction there IF reached.

Crude Oil Price Chart – WTI 240min

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

Crude oil prices have recovered half of the September decline with WTI testing confluent resistance into the weekly open here at 88.02- looking for a reaction here. Ultimately a close above 89.84 is needed to mark resumption of the broader uptrend. Support remains steady at 82.84-83.24 - losses below this threshold would threaten a plunge towards the yearly open at 80.31.

S&P 500 Price Chart – SPX500 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView

A newly identified slope may be in play here on the S&P 500 but it’s too early to rely on. That said, the levels are clear- initial support 4299-4308 with near-term bullish invalidation set to 4279. Initial resistance from here comes in at the June high-day close / July low-day close at 4416 and is backed closely by the 61.8% retracement of the July decline at 4456- look for a larger reaction there IF reached with a topside breach / close above needed to suggest a more significant reversal is underway towards 4508.

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 Twitter @MBForex