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Feb 02, 2026

XAU/USD chart on the weekly time frame

XAU/USD chart on the weekly time frame

As anticipated in the prior weekly analysis, Gold established a weekly peak following an initial rally, achieving a new all-time high of $5,598. At this level, the asset encountered significant selling pressure, resulting in a decline of over $1,000 to a support zone near $4,682. 

The resultant weekly candle closed bearish and was accompanied by the highest weekly trading volume on record. 

This combination of price action and volume provides a high-probability signal that the Gold may have formed a cyclical top for 2026.

From a tactical perspective, any near-term rebound is unlikely to surpass the $5,100 resistance level. The primary downside target for the current week is projected within the $4,500–$4,600 range.

In the broader context, the technical structure suggests further depreciation toward the $3,700–$4,000 zone during the first quarter.

In light of this assessment, the strategic outlook has been revised from a hold stance to a sell-on-rallies approach.
 
EURUSD Chart on the weekly time frame

EURUSD Chart on the weekly time frame

Consistent with the prior weekly assessment, the EUR/USD pair commenced the period with a bullish opening gap and a robust, high-volume rally, peaking at 1.2084. 

This level fell just 16 pips short of the 1.2100 target before encountering significant selling pressure, which fully retraced the advance and resulted in a nearly flat weekly close. 

Although the weekly candlestick formed a bearish shooting star pattern, the closure above the 1.1800 level preserves potential for a renewed bullish attempt. 

A weekly close below 1.1800 would constitute a bearish signal, whereas a recovery and higher weekly close would establish a foundation to challenge the recent high. 

Consequently, the area around 1.1800 is viewed as a favorable long entry zone, with a stop-loss placed at 1.1670, offering a positive risk-reward profile for bullish exposure.
 

 
USTEC chart on the weekly time frame

USTEC chart on the weekly time frame

The USTEC index experienced a rally in the first half of the previous week, encountering significant resistance near the 26,200 zone. This selling pressure resulted in a rejection and a subsequent decline below the 26,000 level, establishing a bearish false breakout. 

The accompanying downside volume was the highest observed bearish volume since May 2025, casting considerable doubt on the near-term viability of another bullish breakout attempt. 

The price action has now completed approximately twenty weeks of consolidation within a range defined by support near 24,000 and resistance at 26,200, with no confirmed directional signal yet established.

A decisive breakout and daily close above the 26,200 resistance would constitute a bullish signal, suggesting a medium-term long position with a primary technical projection toward 27,300. Conversely, a sustained close below the key support level of approximately 24,675 would indicate bearish momentum resuming, warranting a short position with an initial target near 23,000. 

Given the extended consolidation and high-volume rejection, prudent risk management necessitates awaiting a confirmed resolution of this range before initiating new directional positions.
 

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