Spreads
Spreads
Spreads
Spreads
Spreads
Last week, gold had a big movement and was able to reach as high as our resistance level at $2,033 as expected. The precious metal closed the week at $2,007 on Thursday.
On the weekly timeframe, we can see that the Stochastic Indicator is still inside the overbought level. The gold price is currently moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at $2,033 and $2,070 with the support levels at $1,988 and $1,944.
Meanwhile, on the daily timeframe, the Stochastic Indicator is moving inside the overbought level. The price is still moving above the 20, 50, and 200-period moving averages.
Our daily resistance levels are at $2,021 and $2,031, with the support levels at $1,993 and $1,971.
Conclusion: Expect high volatility this week with the release of US data including CPI and PPI, as well as Retail Sales. Gold prices may continue to rise and potentially break our resistance level at $2,033.
Last week, EURUSD was able to move higher, but remained between our support and resistance levels of 1.0764 and 1.0933. The pair closed the week at 1.0898.
On the weekly timeframe, the Stochastic Indicator is moving higher targeting the overbought level. The price is still trading below the 200-period moving average, but above the 20 and 50-period moving averages.
Our weekly resistance levels are at 1.0933 and 1.1119, with support levels at 1.0759 and 1.0607.
On the daily timeframe, the Stochastic Indicator is moving flat in the middle near the overbought level. The price is now moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 1.0909 and 1.0988, while the support levels are at 1.0836 and 1.0764.
Conclusion: This week, the market focus will be on the US as it will release its inflation data. We expect the EURUSD to move higher and try to break our resistance level at 1.0933.
The DJ30 experienced a slight increase last week as market sentiment shifted towards a risk-on approach. The index closed the week higher at 33561.
On the weekly timeframe, we can see that the Stochastic Indicator is moving strongly higher in the middle targeting the overbought level. The price is now moving above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 33776 and 34785, with support levels at 32696 and 31663.
In the daily timeframe, we can see that the stochastic indicator is moving inside the overbought level and preparing to exit. The price is now moving ABOVE the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 33731 and 34278, with support levels at 33274 and 32801.
Conclusion: With the US releasing its inflation data report this week, we expect the DJ30 to move lower and reach our support level at 33274.
The previous week saw USOUSD (Oil) prices initially jump to the 80 level due to the supply cut resulting from the OPEC+ decision and remained stagnant at that level. The week ended with USOUSD closing at 80.37.
On the weekly timeframe, the Stochastic Indicator is still in the middle slowly moving lower. The price is moving below the 50-period moving averages and now jumps back above the 20 and 200-period moving averages.
Our weekly resistance levels are 81.50 and 86.93, with support levels at 75.49 and 69.35.
On the daily timeframe, the Stochastic Indicator is moving inside the overbought level. Price is now moving above the 20 and 50-period moving averages but still below the 200-period moving averages.
Our daily resistance levels are at 81.62 and 84.65, while support levels are at 77.43 and 74.24.
Conclusion: The decision by OPEC+ to reduce supply resulted in a sudden increase in oil prices. However, the market is currently in a phase of consolidation as it tries to adjust to the new prices. For this week, we expect USOUSD to continue to move slightly higher and try to break our resistance level at 81.50.
Last week, the NAS100 moved slightly lower as expected and was able to reach our support at 12844. The NAS100 closed the market at 13077.
On the weekly timeframe, the Stochastic Indicator is moving higher entering the overbought level. The price is currently above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 13580 and 14279, with support levels at 12595 and 11896.
On the daily timeframe, the stochastic indicator is moving lower in the middle after exiting the overbought level. The price is still trading above the 20, 50, and 200-period moving averages.
Our daily resistance levels are currently at 13314 and 13668, while support levels are at 12844 and 12577.
Conclusion: With the release of US inflation data this week, we expect the NAS100 to move lower to break our support level at 12844.
Last week, GBPUSD was able to move higher as expected and able to reach above our resistance level at 1.2443 level. GBPUSD currently close the week at 1.2415.
On the weekly timeframe, the Stochastic Indicator is now entering the overbought level, and the price is now moving above the 20 and 50-period moving averages and below the 200-period moving average.
Our weekly resistance levels are at 1.2443 and 1.2661, while support levels are at 1.2224 and 1.2006.
On the daily timeframe, our stochastic indicator is moving just around the overbought level. The price is above the 20, 50, and 200-period moving averages.
Our daily resistance levels are now at 1.2438 and 1.2515, while support levels are at 1.2371 and 1.2271.
Conclusion: This week, the US inflation data release may have a significant impact on the market. We expect the GBPUSD to move higher and break our resistance level at 1.2438.
Last week, USD Index continued to move lower as the market now is in risk-on sentiment. The USD Index moved slightly lower and closed the week at 101.72.
On the weekly timeframe, we can see that the Stochastic Indicator is moving lower targeting the oversold level. 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 105.43 with the support levels at 101.25 and 99.35.
On the daily timeframe, the Stochastic Indicator is moving around the oversold level. Price is now moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are 102.81 and 103.66 with the support levels at 101.57 and 100.69.
Conclusion: Expect high volatility for the USD Index this week as the US is set to release inflation data reports for CPI and PPI. We anticipate the index to move higher and reach our nearest resistance level at 103.69.
Last week, USDJPY was able to move lower and reach below our support level at 133.01 as expected. USDJPY closed the week at 132.13.
On the weekly timeframe, we can see that the Stochastic Indicator is strongly moving lower near the oversold level. 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 134.19 and 136.79, with the support levels at 129.88 and 126.83.
On the daily timeframe, the stochastic indicator is moving in the middle. Price is moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are now at 133.01 and 134.51, while the support levels are at 131.31 and 129.61.
Conclusion: This week, the market’s risk-on sentiment may continue to have an impact along with the release of US inflation data. We expect the USDJPY to continue to move higher and reach back our next resistance level at 133.
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