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Weekly Technical Analysis | 27 November 2023

  

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

Gold (XAU/USD)             

Last week, gold’s price increased, successfully breaking through our resistance levels and closing the week at $2,002.

On the weekly timeframe, the Stochastic Indicator can be seen hovering around the overbought territory. Gold is currently trading above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are at $2,006 and $2,047, with support levels at $1,960 and $1,929.

On the daily timeframe, the Stochastic Indicator is trending upwards around the overbought territory, and the price of gold is currently trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels are at $2,007 and $2,039, with support levels at $1,988 and $1,968.

Conclusion: This week, low volatility is anticipated owing to the absence of high-impact news from the US. However, traders should remain vigilant regarding tensions in the Middle East, which are expected to significantly influence the gold market. A minor correction in gold prices is forecasted this week, with prices projected to reach our support level at $1,988.


EUR/USD

Last week, EUR/USD breached resistance levels, finishing the week at 1.0932.

On the weekly timeframe, the Stochastic Indicator is trending upwards towards the overbought zone. The price is currently trading above the 20 and 50-day moving averages, yet it remains below the 200-day moving average.

Our weekly resistance levels are at 1.1011 and 1.1226, with support levels at 1.0866 and 1.0646.

On the daily timeframe, the Stochastic Indicator is ascending and has entered the overbought territory. Meanwhile, the EUR/USD price is trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels are at 1.0961 and 1.1045, while the support levels are at 1.0894 and 1.0834.

Conclusion: We foresee a week of low volatility for EUR/USD owing to an absence of high-impact news from both the Eurozone and the US. We predict a slight uptrend for EUR/USD, with the potential to approach a price level of 1.1.


DJ30

Last week, the DJ30 surpassed resistance levels, ending the week at 35,420.

On the weekly timeframe, the Stochastic Indicator is trending upward toward the overbought territory. The index is currently trading above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are at 35,646 and 36,506, with support levels at 34,936 and 34,302.

On the daily timeframe, the Stochastic Indicator is within the overbought territory. The index is currently trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels are 35,676 and 36,420, with support levels at 35,015 and 34,376.

Conclusion: The US stock market is poised for a week of low volatility due to an absence of high-impact news from the US. We envisage that the DJ30 might ascend further, driven by market trends that favor US dollar weakness, potentially aiming for our resistance level at 35,646.


USO/USD

Last week, USO/USD reached our support levels, finishing the week at 75.56.

On the weekly timeframe, the Stochastic Indicator is noted to be trending lower towards the oversold territory. The price is trading below both the 20-day and 50-day moving averages but remains above the 200-day moving average.

Our weekly resistance levels are 81.64 and 85.89, with support levels at 74.32 and 69.48.

On the daily timeframe, the Stochastic Indicator is just below the overbought territory, and the price is currently trading below the 20, 50, and 200-day moving averages.

Our daily resistance levels are at 78.64 and 81.08, while support levels are at 74.24 and 72.21.

Conclusion: We anticipate a more substantial movement in USO/USD prices, influenced by the latest sentiments concerning tensions in the Middle East and the OPEC-JMMC meetings. There exists a possibility of a downward trend, with USO/USD potentially reaching our next support level at 74.24.


NAS100

Last week, the NAS100 exceeded previous resistance levels, ending the week at 15,975.

On the weekly timeframe, the Stochastic Indicator is advancing towards the overbought territory. The index is presently trading above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are 16,077 and 16,407, with support levels at 15,781 and 15,306.

On the daily timeframe, the Stochastic Indicator is relatively flat but slightly lower around the overbought territory. The price is currently trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels are currently at 16,044 and 16,423, while support levels are at 15,675 and 15,284.

Conclusion: The US stock market is expected to experience a week of low volatility due to a scarcity of high-impact news from the US. We foresee that the NAS100 might trend upwards, swayed by the market’s tendency towards US dollar weakness, potentially reaching our next resistance level at 16,077.


GBP/USD

Last week, GBP/USD surpassed previous resistance levels, ending the week at 1.2603.

On the weekly timeframe, the Stochastic Indicator is trending upward toward the overbought territory. The price is trading above the 20 and 50-day moving averages, yet it remains below the 200-day moving average.

Our weekly resistance levels are at 1.2638 and 1.2850, while support levels are at 1.2302 and 1.2049.

On the daily timeframe, our Stochastic Indicator is trending higher around the overbought territory. Meanwhile, the price is trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels are now at 1.2672 and 1.2786, while support levels are at 1.2543 and 1.2445.

Conclusion: We anticipate low volatility in GBP/USD this week, due to the absence of high-impact news from both the US and the UK. We predict that GBP/USD will maintain its upward trajectory, potentially exceeding our resistance level at 1.2638.


USD Index

Last week, the USD Index declined towards previous support levels, ending the week at 103.26.

On the weekly timeframe, the Stochastic Indicator is trending lower towards the oversold territory. The index is currently trading below the 20 and 50-day moving averages but remains above the 200-day moving average.

Our weekly resistance levels are 104.39 and 106.44, with support levels at 102.87 and 100.79.

On the daily timeframe, the Stochastic Indicator is trending slightly higher just above the oversold territory. The price is trading below the 20, 50, and 200-day moving averages.

Our daily resistance levels are 104.35 and 105.94, with support levels at 102.98 and 101.58.

Conclusion: We forecast low volatility for the USD Index this week, due to an absence of impactful news from the US. We predict that the USD Index will continue to trend downwards, potentially approaching our next support level at 102.87.


USD/JPY

Last week, USD/JPY declined, falling below previous support levels, but it rebounded to close the week at 149.42.

On the weekly timeframe, the Stochastic Indicator has recently exited the overbought territory. The price is currently trading above the 20-day, 50-day, and 200-day moving averages.

Our weekly resistance levels are 150.09 and 151.89, with support levels at 148.13 and 145.14.

On the daily timeframe, the Stochastic Indicator is trending higher towards the midpoint. The price is currently trading below the 20-day moving average yet remains above both the 50 and 200-day moving averages.

Our daily resistance levels are currently at 150.32 and 151.72, while the support levels are at 148.73 and 147.48.

Conclusion: We expect a week of low volatility for USD/JPY, due to the absence of significant news from the US. However, the market remains alert to updates regarding Middle East tensions and any potential intervention by the Bank of Japan in the currency market. We predict that the pair may trend lower—as the market sentiment currently weighs on the US dollar—possibly approaching our support level at 148.73.

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

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