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Weekly Technical Analysis: Gold, Dow Jones, EURUSD and Dollar Index

Save to invest, don’t save to save. The only reason to save money is to invest it- Grant Cardone.  

Weekly Technical Analysis: Gold, Dow Jones, EURUSD and Dollar Index

Global markets started this new week on a positive note supported by the faster vaccination, strong US macro-economic data and President Joe Biden’s multitrillion-dollar infrastructure proposal. The main attraction for this week Investors waiting for the minutes from the last FOMC meeting and global services PMIs.

GOLD

The yellow metal rebounded after it found support just ahead of the March 8 low at $1,677.10. At the time of writing, the metal trading above $1736 during the European session. On the upper side, the immediate resistance to watch $1740/43.

gold neww

The key technical levels to watch this week:

Support: $1720 and $1695

Resistance: $1743 and $1755

DOW JONES

Technically the overall momentum remains bullish throughout the last couple of weeks. This week if the bullish momentum continues the next upside levels to watch 33,630 (Monday high) and 33,700/770. On the downside, any meaningful pullback now seems to find some support near the 33,300 zones, below which the slide could further get extended towards the 33, 000/33,870 region.

cruse

The key technical levels to watch this week:

Support: 33,300 and 33,000

Resistance: 33,640 and 33,770

EURUSD

The currency pair climbed to a fresh weekly high of 1.1820 after the USD gives back some of the gains. For this week, the pair supported at 1.1700 level, any break below this level will open the doors to 1.1630 and 1.1600. On the other upper side, the immediate resistance at 1.1840 and 1.1870.

eurusd

The key technical levels to watch this week:

Support: 1.1725/00 and 1.1680

Resistance: 1.1840 and 1.1870

US DOLLAR INDEX

US Dollar retreated back to below 93.00 psychological level. While the downside looks solid as traders should continue to accumulate on dips towards 92-91.50 in the near term.

DXY

The key technical levels to watch this week:

Support: 92.10 and 91.50

Resistance: 93.00 and 93.50

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

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