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Gold experienced high volatility last week, starting higher due to the dovish US Fed decision but declining following positive US Jobs data. The week ended with gold dropping to 1865.
On the Weekly Timeframe, we can see that the Stochastic Indicator is starting to cross lower and trying to exit the overbought level. Gold price is moving above the 20, 50 and 200-period moving averages.
Our Weekly resistance levels are at $1,896 and $1,929 with the support levels at $1,859 and $1,807.
On the Daily Timeframe, the Stochastic Indicator is moving lower in the middle. Price is moving below the 20-period moving average but still above the 50 and 200-period moving averages.
Our Daily resistance levels are at $1,901 and $1,943, with the support levels at $1,866 and $1,824.
Conclusion: We only have a few economic events this week, but we may experience the impact of last week’s Fed decision and US Jobs data, which will create some volatility in the market. We expect that gold may start the week lower, reaching our support levels at $1,859 and $1,866, before rebounding higher and reaching our resistance levels at $1,896 and $1,901.
Last week, EURUSD moved downwards as anticipated, reaching the target support level of 1.0774. The week ended with EURUSD closing at 1.0793.
On our Weekly timeframe, the Stochastic Indicator is still moving inside the overbought level. The price continues to trade below the 200-period moving average and above the 20 and 50-period moving averages.
Our Weekly resistance levels are at 1.0916 and 1.1136, with the support levels at 1.0754 and 1.05544.
On our Daily Timeframe, we can see that our Stochastic Indicator is consolidating in the middle. Price is moving just below the 20-period moving average while still above the 50 and 200-period moving averages.
Our Daily resistance levels are at 1.0900 and 1.0971, while the support levels are at 1.0774 and 1.0645.
Conclusion: This week, we won’t have much data from the EU, but we may hear some remarks from ECB President Christine Lagarde. We expect that the EURUSD exchange rate may reach our support level at 1.0774 and attempt to break below it.
Last week, the DJ30 showed range-bound movement, reflecting the impact of US events on the market. The market closed at 33900, similar to the opening price of the week.
On the Weekly Timeframe, we can see that the Stochastic Indicator is moving higher in the middle. Price is moving above the 20, 50 and 200-period moving averages.
Our Weekly resistance levels are at 34331 and 34881, with the support levels at 33416 and 32672.
On our Daily Timeframe, we can see that our Stochastic Indicator is moving lower near the overbought level. Price is moving above the 20, 50 and 200-period moving averages.
Our Daily resistance levels are now at 34391 and 34775, while the support levels are at 33460 and 32929.
Conclusion: The DJ30 may be influenced by the Fed’s decision and experience increased volatility this week. We expect the DJ30 to reach our resistance levels at 34881 and 34775.
Last week was a challenging one for USOUSD, which declined by as much as 8% due to a shift in sentiment. The week ended with USOUSD closing lower at 73.08.
On the Weekly Timeframe, we can see that the Stochastic Indicator is crossing back lower near the overbought level. The price is moving below the 20 and 50-period moving averages and just above the 200-period moving averages.
Our Weekly resistance levels are 76.16 and 82.42, with the support levels at 69.53 and 66.22.
On our Daily Timeframe, we can see that our Stochastic Indicator is moving lower entering the oversold level. Price moves below the 20, 50 and 200-period moving averages.
Our Daily resistance levels are at 74.73 and 76.36 while the support levels are at 72.57 and 70.35.
Conclusion: Market sentiment is shifting as investors await a clearer indication of China’s reopening. This week, we still anticipate that the US dollar/Japanese yen exchange rate may continue to decline and attempt to reach our support levels at 72.57 and 70.35.
Last week, NAS100 rose as anticipated, driven by favourable sentiment from the Fed and US Jobs data. The market closed at 12565.
On the Weekly timeframe, we can see that the Stochastic Indicator is moving strongly entering the overbought level. The price is moving above the 20, 50 and 200-period moving averages.
Our Weekly resistance levels are at 12960 and 13561, with the support levels at 12103 and 11556.
On our Daily Timeframe, we can see that our stochastic indicator is moving flat just around the overbought level. Price is moving above the 20 and 50 and 200-period moving averages.
Our Daily resistance levels are now at 12793 and 12983, while the support levels are at 12246 and 11768.
Conclusion: The NAS100 may move higher this week, supported by positive news from the Fed and US jobs data, which favours the US stock market. We anticipate that the NAS100 may attempt to reach our next resistance level at 12983.
Last week, GBPUSD declined and reached the expected daily support level. The week ended with GBPUSD closing lower at 1.2052.
On the Weekly Timeframe, we can see that the Stochastic Indicator is trying to cross back lower. The price still moves above the 20-period, while below the 50 and 200-period moving averages.
Our Weekly resistance levels are now at 1.2201 and 1.2476, with the support levels at 1.2017 and 1.1774.
On the Daily Timeframe, we can see that our Stochastic Indicator is moving lower targeting the oversold level. Price is now moving below the 20, 50 and 200-period moving averages.
Our Daily resistance levels are now at 1.2126 and 1.2295, while the support levels are at 1.1943 and 1.1849.
Conclusion: After a dovish statement from the Bank of England, we will have the UK GDP data for this week. We anticipate that the GBPUSD exchange rate may decline and reach our support levels.
Last week, the USD Index saw high volatility due to the Federal Reserve’s interest rate decision and US jobs report, which led to a stronger USD for the week. The USD Index closed the week at 102.80.
On the Weekly Timeframe, we can see that the Stochastic Indicator is moving inside the oversold level. Price is moving below the 20 and 50-period moving averages but still above the 200-period moving averages.
Our Weekly resistance levels are at 103.20 and 104.89 with the support levels at 101.25, and 98.52.
On the Daily Timeframe, the Stochastic Indicator is moving higher in the middle. Price is now moving above the 20-period, while still moving below the 50 and 200-period moving averages.
Our Daily resistance levels at 102.96 and 104.40 with the support levels at 101.33 and 100.31.
Conclusion: The market is not likely to experience significant movement this week, as there are limited key events from the US. The USD Index is expected to increase and reach the resistance level of 103.20.
Last week, USDJPY was slightly higher and reached our resistance level as expected. USDJPY closed the week at 131.17.
On the Weekly Timeframe, we can see that the Stochastic Indicator is moving to exit the oversold level. While the price moves below the 20 and 50-period moving averages but remains above the 200-period moving averages.
Our Weekly resistance levels are at 134.17 and 137.56, with the support levels at 126.45 and 121.96.
On the Daily Timeframe, the Stochastic Indicator is moving in the middle with NO clear direction. Price is moving just above the 20 -period, while still below the 50 and 200-period moving averages.
Our Daily resistance levels are 133.49 and 137.92, while the support levels are 127.81 and 125.04.
Conclusion: The absence of key events from the US is likely to result in USDJPY following the movement of the yen. The expected outcome is an increase in USDJPY to reach the resistance level of 133.49.
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