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Feb 02, 2026

XAU/USD chart on the hourly time frame

XAU/USD chart on the hourly time frame

Gold experienced a sharp reversal from the all-time high near the upper boundary of the ascending channel, with a strong break of several consecutive support levels. The price is currently consolidating near a significant horizontal support (blue line), placing it in a highly sensitive area.
The MACD indicator is showing a sharp decline with strong negative momentum, confirming that the current move is not just a minor correction but a clear profit-taking wave.

Overall Trend: Short-term bearish
Support: 4535 – 4480
Resistance: 4665 – 4750

Expectation: A break below 4535 could open the door for further declines towards 4480, while any bounce above 4665 would be corrective unless 4750 is breached.
 

 
USOIL Chart on the hourtly time frame

USOIL Chart on the hourly time frame

Oil continues to trade above $61.00 after a technical bounce from the recent low, benefiting from a relative improvement in risk appetite and a decrease in short-term concerns about demand. The price is currently moving within a sideways range with an upward bias, attempting to stabilize above the short-term moving averages.
The MACD indicator shows a weak positive crossover, but the momentum still needs further confirmation.

General Trend: Neutral with a slight upward bias
Support: 60.20 – 59.40
Resistance: 62.10 – 63.00

Expectation: Holding above 61.00 supports the bullish scenario towards 62.10, while a break below 60.20 could bring back selling pressure towards 59.40.
 

 
USTEC chart on the hourly time frame

USTEC chart on the hourly time frame

The Nasdaq continues to trade near its all-time highs, supported by technology and AI stocks. However, the upward momentum is beginning to show signs of exhaustion. The current movement tends to fluctuate within a narrow range after a strong rally.
The MACD indicator remains in positive territory but is showing a gradual decline in momentum.

General Trend: Cautiously Upward
Support: 24,820 – 24,500
Resistance: 25,350 – 25,600

Expectation: Holding above 24,820 maintains the positive outlook, while a break below this level could open the door for further profit-taking.
 

 
US30 chart on the hourly time frame

US30 chart on the hourly time frame

The Dow Jones is moving in a steady upward trend, supported by strong performance in the industrial and financial sectors. The price remains above the upward trend line, with no clear reversal signals yet.
Momentum is positive, but the pace of the rise has slowed compared to previous weeks.

General Trend: Upward
Support: 47,900 – 47,300
Resistance: 48,900 – 49,400

Expectation: Continued trading above 47,900 supports a target of 48,900, while a break below this support could indicate a limited correction.
 

- A look at last week report dated Jan 30, 2025.

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