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
✖

USD Majors, Bitcoin, Gold, Silver, Oil, S&P 500 Technical Outlook

By :   Michael Boutros , Sr. Technical Strategist
December 4, 2023 4:55 PM

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

  • Technical setups we’re tracking into the weekly open / November close
  • Next Weekly Strategy Webinar: Monday, December 11 at 8:30am EST
  • Review the latest Weekly Strategy Webinars on my YouTube playlist.

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

Gold Price Chart – XAU/USD Daily

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

An explosive gold breakout into the weekly open reversed sharply just ahead of confluent resistance at 2151 with XAU/USD plunging more than 5.8% off the highs. An outside-day reversal today marks the largest single-day range in gold since August 2020- three-days after the record high was registered. In that instance, gold went sideways into a consolidation pattern for more than month before breaking lower. Bottom line, this immediate decline might not have much more on this immediate stretch.

Initial support rests at the May high-week close / 38.2% retracement of the October rally at 2016/18 with near-term bullish invalidation raised to the April 14th reversal close at 2004 (note that this level converges on basic slope support). Losses should be limited to this threshold IF price is heading higher on this stretch. Resistance at 2050 backed by 2066/75- a breach / close above is needed to fuel another run at the highs again.

Bitcoin Price Chart – BTC/USD Weekly

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

The Bitcoin breakout we highlighted a few weeks ago is now testing confluent resistance here into the 100% extension / 50% retracement at 41256-42022- risk for possible exhaustion / price inflection here. Monthly-open support rests at 37731 and is backed by medium-term bullish invalidation at the highlighted Fibonacci confluence near 35018/758- losses should be limited to this threshold IF price is heading higher on this stretch. A topside breach / close higher keeps the focus on the 2022 objective yearly-open at 46200.

S&P 500 Price Chart – SPX500 Daily

Chart Prepared by Michael Boutros, Sr. Technical Strategist; SPX500 on TradingView

The S&P 500 failed at confluent uptrend resistance today at the yearly high-close / swing high at 4596-4611. The index is now testing initial support near the high-day close at 4544- looking for a reaction here. A break / close lower threatens a deeper setback towards the 23.6% retracement at 4482. Ultimately, a topside breach / close above this key hurdle is needed to mark uptrend resumption towards the record high-week close at 4677.

Economic Calendar – Key USD Data Releases

 

Economic Calendar - latest economic developments and upcoming event risk.

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

Follow Michael on X @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