Open an Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an Account
✖

US Dollar Majors, Gold, Oil, S&P 500 Weekly Technical Outlook

By :   Michael Boutros , Sr. Technical Strategist
August 14, 2023 5:27 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY),  Australian Dollar (AUD/USD), Gold (XAU/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX) and Dow Jones (DJI). These are the levels that matter this week.

US Dollar Index Price Chart – DXY Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView

In last week’s US Dollar Price Forecast, we noted that DXY was, “within striking distance of key resistance at 103.00/49- a region defined by the 2016 high-close, the 2020 high, the January low-week close, the 61.8% Fibonacci retracement and the objective yearly open. Note that the March channel line converges on this threshold over the next few weeks. The focus is on a reaction into this zone IF reached with a breach / close above needed to suggest a larger trend reversal is underway.” Price is testing this key zone into the weekly open – looking for possible exhaustion / price inflection into this threshold. Watch the weekly close here- levels unchanged.

Canadian Dollar Price Chart – USD/CAD Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView

The Canadian Dollar losses extended for a fourth consecutive week with USD/CAD exhausting into confluent resistance at “the 50% retracement of the yearly range near 1.3477- looking for possible inflection here with key resistance eyed just higher at the objective yearly open / 61.8% Fibonacci retracement of the yearly range at 1.3545/68.”

Price has spent an entire week testing a close above the 200-day moving average with the dollar making another attempt here today. Bulls are vulnerable here and a close above is needed to keep the immediate long-bias viable. USD/CAD levels unchanged into the start of the week.

Gold Price Chart – XAU/USD Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

Gold is testing a critical support confluence this week at 1901/10- a region defined by the 200-day moving average, the 38.2% retracement of the 2022 rally and the 61.8% retracement of the 2023 yearly range. The focus is on a possible downside exhaustion / price inflection into this threshold this week.

A break lower from here would risk a plunge towards initial support objectives at 1871/77. Initial resistance eyed at the July trendline with a breach / close above 1933 needed to suggest a more significant low is in place. I’ll publish an updated Gold Short-term Outlook later this week.

Economic Calendar – Key Data Releases

 

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

Follow Michael on Twitter @MBForex

 

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.

GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2026