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Weekly Technical Analysis | 26 December 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 prices rose, surpassing our resistance level and closing at $2,052.

On the weekly timeframe, the Stochastic Indicator suggests a downward movement in the middle. Currently, gold is trading above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are set at $2,079 and $2,145, while support levels remain at $2,017 and $1,952.

On the daily timeframe, the Stochastic Indicator appears stagnant just below the overbought area. Gold’s price currently stands above the 20, 50, and 200-day moving averages.

Daily resistance levels are identified at $2,075 and $2,116, with support at $2,045 and $2,008.

Conclusion: This week, we anticipate low volatility due to the holiday season, which has reduced demand for some instruments in the market. Additionally, there is no high-impact news expected to directly influence this pair. Our analysts predict a potential upward trend for Gold this week, potentially leading it to reach our resistance level at $2,075.


EUR/USD

Last week, the EUR/USD pair breached our resistance levels, closing the week at 1.1013.

On the weekly timeframe, the Stochastic Indicator is descending just below the overbought area. Currently, the price trades above the 20 and 50-day moving averages and around the 200-day moving average.

Our weekly resistance levels are positioned at 1.1091 and 1.1277, with support levels at 1.0942 and 1.0757.

On the daily timeframe, the Stochastic Indicator remains flat just below the overbought area. Presently, the EUR/USD price stands above the 20, 50, and 200-day moving averages.

Our daily resistance levels are identified at 1.1086 and 1.1239, with support levels at 1.0989 and 1.0844.

Conclusion: This week, we anticipate low volatility due to the ongoing holiday season, resulting in reduced demand for certain instruments. With no high-impact news expected to directly influence this pair, our analysts foresee a potential upward trend for the EUR/USD, potentially reaching our resistance level at 1.1086.


DJ30

Last week, the DJ30 consolidated, remaining within our support and resistance levels and closing the week at 37,396.

On the weekly timeframe, the Stochastic Indicator indicates an upward trend within the overbought area. Currently, the index trades above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are at 37,800 and 38,300, while support levels at 37,011 and 36,477.

On at the daily timeframe, the Stochastic Indicator descended towards the middle. Presently, the price maintains positions above the 20, 50, and 200-day moving averages.

Our daily resistance levels are at 37,670 and 38,463, with support levels at 36,642 and 35,965.

Conclusion: This week, we anticipate low volatility owing to the ongoing holiday season, resulting in decreased demand for specific instruments. Without high-impact news anticipated to directly influence this pair, our analysts predict a potential upward trend due to the Santa Claus rally for the DJ30, possibly reaching our resistance level at 37,670.


USO/USD

Last week, USO/USD saw a slight increase, closing at 73.25.

On the weekly timeframe, the Stochastic Indicator indicates a slight upward movement just above the oversold area. The price remains below the 20, 50, and 200-day moving averages.

Our weekly resistance levels are positioned at 74.57 and 77.82, while support levels are at 70.33 and 66.96.

On the daily timeframe, the Stochastic Indicator is marginally decreasing below the overbought area, and the price currently hovers around the 20-day moving average, still below the 50 and 200-day moving averages.

Our daily resistance levels are marked at 73.87 and 76.23, supported by levels at 69.61 and 67.12.

Conclusion: With the holiday season concluding in the year 2023, we anticipate limited movements in the USO/USD price. However, we must also remain vigilant for any updates regarding tensions in the Middle East. Our analysts foresee potential upward momentum for USO/USD this week, possibly driving it toward our next resistance level at 74.57.


NAS100

Last week, the NAS100 continued to move higher, closing the week at 16,788.

On the weekly timeframe, the Stochastic Indicator is currently situated within the overbought area, while the price continues to trade above the 20, 50, and 200-day moving averages.

Our weekly resistance levels are identified at 16,800 and 17,250, with support levels at 16,120 and 15,751.

On the daily timeframe, the Stochastic Indicator is moving lower, attempting to exit the overbought area. Currently, the price remains above the 20, 50, and 200-day moving averages.

Our daily resistance levels stand at 16,825 and 17,176, while support levels are at 16,392 and 16,053.

Conclusion: This week, we anticipate low volatility owing to the ongoing holiday season, resulting in decreased demand for specific instruments. Without high-impact news anticipated to directly influence this pair, our analysts predict a potential upward trend due to the Santa Claus rally for the NAS100, possibly reaching our resistance level at 16,825.


GBP/USD

Last week, GBP/USD moved slightly higher than our previous resistance level, closing at 1.2696.

On the weekly timeframe, the Stochastic Indicator is crossing back lower, trying to exit the overbought area. The price is trading above the 20 and 50-day moving averages but remains below the 200-day moving average.

Our weekly resistance levels are at 1.2850 and 1.3128, while support levels are at 1.2450 and 1.2131.

On the daily timeframe, our Stochastic Indicator indicates movement lower in the middle. Currently, the price is trading above the 20, 50, and 200-day moving averages.

Our daily resistance levels stand at 1.2713 and 1.2792, while support levels are at 1.2616 and 1.2537.

Conclusion: This week, we anticipate low volatility due to the ongoing holiday season, resulting in reduced demand for certain instruments. With no high-impact news expected to directly influence this pair, our analysts foresee a potential upward trend for the GBP/USD, potentially reaching our resistance level at 1.2713.


USD Index

Last week, the USD Index dropped lower, breaking below previous support levels and closing the week at 101.34.

On the weekly timeframe, the Stochastic Indicator is moving just slightly above the oversold area. Currently, the price is trading below the 20 and 50-day moving averages but remains above the 200-day moving average.

Our weekly resistance levels are at 101.94 and 103.05, with support levels at 100.79 and 99.67.

On the daily timeframe, the Stochastic Indicator indicates flat movement just above the oversold area. The price is currently trading below the 20, 50, and 200-day moving averages.

Our daily resistance levels stand at 102.15 and 103.03, while support levels are at 100.73 and 99.78.

Conclusion: This week, we anticipate low volatility due to the ongoing holiday season, resulting in reduced demand for certain instruments. With no high-impact news expected to directly impact the US Dollar, our analysts foresee a potential downward trend for the USD Index, potentially reaching our support level at 100.73.


USD/JPY

Last week, USD/JPY moved in consolidation, closing the week at 142.41.

On the weekly timeframe, the Stochastic Indicator indicates a downward movement, aiming for the oversold area. The price is presently trading below the 20-day moving average, around the 50-day moving average, but remains above the 200-day moving average.

Our weekly resistance levels are set at 143.08 and 145.99, while support levels are at 140.66 and 137.96.

On the daily timeframe, the Stochastic Indicator moves in the middle. Currently, the price is trading below the 20-day, 50, and 200-day moving averages.

Our daily resistance levels stand at 142.87 and 144.77, with support levels at 140.89 and 139.35.

Conclusion: This week, we anticipate low volatility due to the ongoing holiday season, resulting in reduced demand for certain instruments. With no high-impact news expected to directly influence this pair, our analysts foresee a potential downward trend for the USD/JPY, potentially reaching our support level at 140.89.

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

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