Spreads
Spreads
Spreads
Spreads
Spreads
Last week, gold had a volatile week and dipped on Friday after reaching above $2,000 due to bank contagion fears and bets on a pause in Federal Reserve rate hikes. Gold closed the week between our support and resistance levels after being able to reach above $2,000 as expected.
On the weekly timeframe, we can see that the Stochastic Indicator is still in a strong higher mood targeting the overbought level. The gold price is currently moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are now at $1,998 and $2,033 with the support levels at $1,960 and $1,918.
Meanwhile, on the daily timeframe, the Stochastic Indicator just exited the overbought level. The price is still moving above the 20, 50, and 200-period moving averages.
Our daily resistance levels are at $1,997 and $2,015, with the support levels at $1,967 and $1,948.
Conclusion: This week, consumer confidence data from the US will be discussed which might affect the movement of gold. We expect gold to continue to move higher and reach above the $2,000 level.
Last week, EURUSD moved higher to reach higher than our resistance level at 1.0789 as expected. EURUSD moved as high as 1.0933 before closing the week at 1.0758.
On the weekly timeframe, the Stochastic Indicator is moving higher in the middle. The price is still trading below the 200-period moving average and above the 20 and 50-period moving averages.
Our weekly resistance levels are at 1.0789 and 1.0933, with support levels at 1.0635 and 1.0539.
On the daily timeframe, the Stochastic Indicator is crossing back lower just at the overbought level. The price is now moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 1.0783 and 1.0909, while the support levels are at 1.0642 and 1.0524.
Conclusion: The US will release their Consumer confidence data which may be the market mover for this week. We expect EURUSD to move higher to reach our resistance level at 1.0789.
Last week, the DJ30 moved in high volatility as it was able to reach our support and resistance levels. The DJ30 closed the week higher at 32276.
On the weekly timeframe, we can see that the Stochastic Indicator is trying to enter the oversold level. The price is moving below the 20 and 50-period moving averages but is still above the 200-period moving average.
Our weekly resistance levels are at 32768 and 33776, with support levels at 31663 and 30919.
In the daily timeframe, we can see that the stochastic indicator is crossing back lower from the overbought level. The price is moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 32553 and 33472, with support levels at 31795 and 31178.
Conclusion: With the US releasing its consumer confidence this week, we expect DJ30 to continue to move lower. We anticipate the index to reach our support level at 31663.
Last week, USOUSD (Oil) prices were in the range between our weekly support and resistance levels. USOUSD closed the week at 69.09.
On the weekly timeframe, the Stochastic Indicator is still in the middle slowly moving lower. The price is moving below the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 70.08 and 76.71, with support levels at 63.42 and 58.38.
On the daily timeframe, the Stochastic Indicator is moving higher and targeting the overbought level. Price moves below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 69.80 and 71.56, while support levels are at 67.65 and 65.30.
Conclusion: With the reopening of China’s economy and sanctions against Russian oil and gas, and the possibility of the Fed halting the interest rates, USOUSD experienced volatile movements . For this week, we expect USOUSD to continue to move slightly higher and reach our resistance level at 70.08.
Last week, the NAS100 moved in high volatility affected by some data releases and the result of the FOMC meeting. The NAS100 closed the market at 12797.
On the weekly timeframe, the Stochastic Indicator is moving higher in the middle. The price is currently above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 12797 and 13580, with support levels at 12103 and 11556.
On the daily timeframe, the stochastic indicator is moving lower after exiting the overbought level. The price is now trading above the 20, 50, and 200-period moving averages.
Our daily resistance levels are currently at 12864 and 13186, while support levels are at 12577 and 12268.
Conclusion: With the US releasing its consumer confidence this week, we expect NAS100 to continue to move lower and reach our support level at 12577.
Last week, GBPUSD moved higher as expected and broke above our resistance level at 1.2225 level. GBPUSD closed the the week at 1.2229.
On the weekly timeframe, the Stochastic Indicator is moving higher in the middle, and the price is now moving above 20 and 50-period moving averages and below the 200-period moving average.
Our weekly resistance levels are at 1.2274 and 1.2476, while support levels are at 1.2206 and 1.1818.
On the daily timeframe, our stochastic indicator is moving lower trying to exit the overbought level. The price is above the 20, 50, and 200-period moving averages.
Our daily resistance levels are now at 1.2284 and 1.2344, while support levels are at 1.2192 and 1.2117.
Conclusion: We won’t have any high-impact news from the UK for this week, but we will have the consumer confidence data from the US. We expect GBPUSD to move higher to break our resistance level at 1.2284.
Last week, the USD Index moved slightly lower as the market created some negative sentiment after the Fed raised the interest rates but in a dovish tone saying that they might halt the raise sometime in the future. The USD Index moved slightly lower and closed the week at 102.75.
On the weekly timeframe, we can see that the Stochastic Indicator is moving lower in the middle. Price is moving BELOW the 20 and 50-period moving averages but still above the 200-period moving average.
Our weekly resistance levels are at 103.69 and 105.63 with the support levels at 101.25 and 99.35.
On the daily timeframe, the Stochastic Indicator is trying to exit the oversold level. Price is now moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 103.43 and 104.43 with the support levels at 102.36 and 101.57.
Conclusion: This week, the USD Index might still be affected by the dovish sentiment from the Fed, but might get boosted by the consumer confidence data release. We anticipate the USD Index to move higher to reach our resistance levels at 103.43.
Last week, USDJPY moved lower as expected as the market was looking for the risk-off sentiment and was affected the stronger JPY. USDJPY closed the week at 130.70.
On the weekly timeframe, we can see that the Stochastic Indicator is strongly moving lower in the middle. The price is moving below the 20 and 50-period moving averages and still above the 200-period moving average.
Our weekly resistance levels are at 132.83 and 136.00, with the support levels at 129.88 and 126.83.
On the daily timeframe, the stochastic indicator keeps moving near the oversold level. Price is moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are now at 131.49 and 133.01, while the support levels are at 129.61 and 128.38.
Conclusion: This week, given the market’s risk-off attitude and the fact that it will be relatively quiet, the pair may still be impacted. We expect the USDJPY to continue to move lower and reach our next support level at 129.
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