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Nov 03, 2025

XAU/USD chart on the weekly time frame

XAU/USD chart on the weekly time frame

As anticipated, Gold extended its bearish trend with a significant sell-off over the past week, characterized by a lower opening gap and a subsequent decline to a low of approximately $3886. 

This brings the total decline to over 11% across a two-week period, prior to a technical rebound observed during Thursday's session. 

While the higher-timeframe, weekly chart, suggests the primary downtrend is likely to persist for several weeks, lower-timeframe, daily analysis, indicates the market is approaching a near-term bottom.

Consequently, a resumption of the sell-off is not anticipated in the immediate week; instead, a period of consolidation within a $3900-$4100 range is projected. 

It is expected that any rebound from current levels will encounter significant resistance within the $4150-$4200 zone, which is likely to present a subsequent opportunity for new short positions aligned with the broader bearish trend.
 
EURUSD Chart on the weekly time frame

EURUSD Chart on the weekly time frame

Contrary to the prior week's bullish forecast, the EURUSD pair experienced a sell-off, invalidating the anticipated bullish channel formation. The decline, however, found firm support at the key 1.1530 level, which constitutes the lower boundary of the established medium-term sideways range. 

While numerous oscillators are currently generating sell signals, primary trend indicators—notably the Average Directional Index (ADX) depicted in the lower panel—suggest a lack of directional momentum and a high probability of the consolidation phase persisting. 

Consequently, the pair is expected to produce several false breakouts in the near term. 

In light of this indeterminate environment, a neutral stance is recommended. Prudent strategy dictates awaiting a confirmed breakout, supported by clearer directional evidence, before establishing new positions.
USTEC chart on the weekly time frame

USTEC chart on the weekly time frame

The USTEC index commenced the week with a pronounced bullish gap, exhibiting significant strength as it rallied to our predefined target/resistance zone near 26,200. 

This advance culminated in a new all-time high of 26,256, at which point pronounced selling pressure emerged, erasing a portion of the week's earlier gains. 

The subsequent two-session decline was accompanied by volume well above the average, suggesting a meaningful shift in momentum and increasing the probability that the initial weekly gap—with its support zone near 25,350—will be filled. 

Consequently, our near-term outlook anticipates a period of consolidation, with the index likely to trade within a range defined by support at 25,350 and resistance at 26,250. 

The prevailing technical posture suggests a tactical range-bound strategy, favoring long positions upon a test of the lower support boundary and short exposures upon approach of the upper resistance level.


 

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