[Week 49 - 2023] Trades Recap and Trade Setups

Hey Traders,

Risk on mood continue to dominate the market with Gold also reaching all time high. The interval where Gold reach the top of the range has become shorter and shorter which potentially indicate a potential build up of momentum towards the upside, supported also by the weakening of the Dollar.

Unemployment will be the main highlight of next week. As the market priced in towards a soft landing, it will only be a matter of time a rise in unemployment could push sentiment towards fear.

Upcoming Economic Release:

Weekly Economic Calendar for Week 49 — Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 closed the week with another green week, looking to trade towards the recent high at 4630 region. Breaking out of the 4630 resistance region can potentially push price towards the all time high. However, if price where to trade below 4370, price will tilt to neutral level.

Dollar Index (DXY)

The United States Dollar attempts to recover some of the losses it experience in the prior week but gave up some of the move and now lies at minor support at 103.12. A reversal confirmation can postentially push price towards the 103.85 region but if the support region is broken out of, the Dollar may experience more downside movement.

Spot Gold

Gold formed a new high last week and is now at the top of the range. The interval between each touch at the resistance line has become narrower which could potentially indicated a potential breakout movement.

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Dollar Index