Pairs in Focus This Week – #FTSE100,#DAX,#Gold,#Dow Jones (3-9 December 2023)

FTSE 100

The FTSE 100 initially pulled back during the course of the trading week but found enough support near the 7360 level to turn things around and show signs of life. At this point, the weekly candlestick is a hammer, and it suggests that we are going to continue to go higher, perhaps reaching the 7700 level above. If we can break above the 7700 level, then it’s likely that we could go reaching to the 7900 level given enough time. It’s also worth noting that the 200-Week EMA underneath has offered significant support as well.

DAX

The German DAX has rallied significantly during the trading week, closing just below the recent highs and it looks like we are ready to go much higher. That being said, we are a little overextended so don’t be surprised at all if we get some type of pullback. A pullback should offer value that a lot of people will be willing to take advantage of, with the €15,500 level being a major support level, right along with the 50-week EMA.

Gold

Gold markets have exploded to the upside during the trading week, as we are closing near the recent all-time highs. That being said, it’s probably worth noting that we have seen this area act as a major barrier, so even though it looks very bullish, do not be surprised at all to see if this market drops. If we do drop from here, the $2000 level will be an area that a lot of people will be paid close attention to. I would anticipate that a lot of value hunters would come back into the market in order to take advantage of the move, but if we were to break down below there, then it’s possible that we could drop down to the 50-Week EMA. Ultimately, if we break above the $2080 level, then gold will take off again.

Dow Jones 30

The Dow Jones 30 took off to the upside during the course of the week, as it is now well above the 36,000 level. Ultimately, a short-term pullback offers a buying opportunity in a market that has been very bullish for some time. The 35,700 level underneath is significantly supportive from what I can tell, and clearly we are in a time of year that a lot of people rush into the stock market, to kick off the so-called “Santa Claus rally.”

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