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Apr 20, 2026
Weekly Technical Analysis Report dated April 20-2026
Weekly Technical Analysis of XAUUSD
Gold extended its advance for a fourth consecutive week; however, price action continues to stall below the initial resistance zone near $4,915, which aligns with a key Fibonacci retracement level.
Trading volume remained broadly in line with its recent average for a third successive week, suggesting a lack of strong participation behind the move.
Meanwhile, technical indicators have reached the lower bound typically associated with corrective phases, a threshold that has not been violated since August 2023, indicating a potentially critical inflection point.
At this stage, the market faces a decisive juncture: a confirmed breakout above $4,915, followed by a daily close above $5,050, would likely validate a renewed bullish signal.
Conversely, a weekly close below $4,640 would negate the current rebound structure and imply a resumption of downside pressure.
Given the broader context of range-bound conditions across most markets, it is prudent to refrain from reacting to interim price fluctuations and instead await a confirmed breach of either of these key trigger levels.
Weekly technical analysis of USTEC
As previously anticipated, the US Tech 100 index extended its advance for a third consecutive week, successfully testing and closing above the key resistance level near 26,200 points.
This breakout led to the recording of a new all-time high around 26,719 points and signaled a shift in the short-term trend from a sideways consolidation to a defined uptrend.
However, the breakout was not accompanied by a commensurate increase in trading volume, which remained notably below average, thereby raising the likelihood of a near-term retest of the 26,000–26,200 support zone.
While the prevailing technical signals continue to favor a buy-on-dips strategy within this range, a more prudent approach would be to await confirmation via a sustained rebound from this zone before initiating new long positions.
The current risk-reward profile appears stretched, and a pullback toward this support area would help establish a more favorable stop-loss level, thereby mitigating elevated market risk.
Accordingly, we recommend monitoring for a confirmed rebound, ideally supported by above-average volume, which could provide the necessary momentum to drive the index toward the 28,000–29,000 target range.
Weekly technical analysis of EURUSD
Following the rebound from the support zone near 1.1400 and the second consecutive weekly close above the lower boundary of the previously identified bullish price channel, EUR/USD has confirmed a medium-term consolidation phase bounded between 1.1400 and 1.1920.
This development indicates that the prior advance toward the 1.2080 region constituted a false breakout above the established range, thereby invalidating the reliability of the earlier channel structure as a technical framework.
Furthermore, last week’s trading volume registered significantly below its average level, while trend strength indicators, including the Average Directional Index (ADX), continue to signal a lack of directional momentum, reinforcing the expectation of ongoing range-bound conditions.
Accordingly, the most appropriate approach under current market dynamics is a range-trading strategy—favoring short positions in proximity to the 1.1920 resistance level and long positions near the 1.1400 support level—while refraining from participation outside these extremities.
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