【12/2~12/6】 Market Review and Next Week's Scenario (GOLD/SILVER/DXY/EURUSD)

GOLD (XAUUSD)

【Daily】

• Finished with five days of consolidation at the same price. It is now confirmed below the daily cloud edge, and it sits right in the middle of the daily zones.
  
• → With no clear direction and the chart looking messy, we will wait to see whether it breaks below the cloud in the near term.

【4-hour】

• Even on the 4-hour and shorter timeframes, price is moving wildly within a very narrow range, not touching it.
  
• → At least wait until it moves to break through a 4h resistance or support zone and reach the daily zone.

SILVER (XAGUSD)

【Weekly】

【Daily】

• Forming a double bottom with the upper boundary of the weekly zone behind and the daily zone, forming a neck line.
  
• → Up to here, the chart is quite clean; however, it is a drawback that the neck line was not able to push to a new high after breakout.
• → If it rises from the neck line as a starting point, it would fit the chart pattern, but considering the fall from late October as wave 1, a decline below the zone may negate the W bottom.

DXY

【Weekly】

• Neck break → pullback from the weekly zone → return near the neck line
  
• → This has moved in a clean wave pattern, and according to theory, would form a 3-wave move leading to a strong dollar rally
• → If the neck breaks again, expect range continuation or a scenario of dollar weakness if the monthly zone breaks

【Daily】

• Forming a right-shoulder-down head-and-shoulders against the weekly zone
  
• → If the head-and-shoulders is negated and it rises, it would complete a 3-wave up move, so consider a dollar-strength scenario; if it falls back inside the neck, target a dollar-weak scenario

EURUSD

【Daily】

• A clean inverted head-and-shoulders has formed and the neck line has been breached upward. We will see whether it continues to rise as per the pattern.