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USOUSD saw its first back-to-back weekly loss since April, which suggests that recession fears could pose a more significant challenge to oil bulls than anticipated despite high demands due to typically busy summer travels.
USOUSD settled Friday’s trade at $107.6 per barrel.
It may go down a little more this week while waiting for next week’s US jobs data. The weekly timeframe shows that the next support, which USOUSD might target, is at 100.90 and 97.17, with resistance levels at 106.80 and 110.68.
On the 4-hour timeframe, we can anticipate several support and resistance levels, with the nearest support at 104.22 and 102.82 and resistance levels at 106.29 and 107.12.
Resistance: 106.29, 106.80, 107.12
Support: 104.22, 102.82, 100.90
The USD index (USDX) weakened last week and is back into our support and resistance levels. We believe these levels will be able to hold USDX movement for this week.
On the weekly timeframe, our support levels are at 103.20 and 102.68, with resistance levels at 104.65 and 105.04.
Meanwhile, on the 4-hour timeframe, the resistance level will be at 104.88, and the support level is at 103.20 and 102.81.
Resistance: 104.65, 104.88, 105.04
Support: 103.20, 102.81, 102.68
Last week, Gold moved lower, trying to break our support and closing below the support level at $1832. Our resistance stayed strong at $1877.
This week, there is a possibility for Gold to continue moving lower, likely breaking our next weekly support level at $1791.
Meanwhile, on the 4-hour timeframe, the closest support will be at $1815, with a resistance level at $1856.
Resistance: $1856, $1874
Support: $1815
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