Weekly Technical Outlook Summary

Author: Michael Boutros, Sr. Technical Strategist

Date: February 2, 2026

Overview

This report provides a technical analysis of key financial instruments including the US Dollar (DXY), major currency pairs, commodities like Gold and Oil, and Bitcoin. The analysis focuses on critical support and resistance levels as the market approaches significant economic events such as US retail sales, Non-Farm Payrolls (NFP), and Consumer Price Index (CPI) releases.

Gold (XAU/USD)

Gold has rebounded over 15% from its monthly low after a significant decline. The immediate resistance is at the 61.8% retracement level near 5141. Support is established at 4894, with a critical bullish invalidation point at the 2025 high-day close around 4500-4533. A breach above 5343 would indicate a resumption of the broader uptrend towards 6000.

Bitcoin (BTC/USD)

Bitcoin has shown a recovery of nearly 17.7% after last week's drop, closing above a pivotal zone at 69,000-67,675. Resistance is noted at the March 2024 high and the 2025 swing low between 73,679-74,434. Support remains at 69,000, with a critical level at 62,795 that could trigger further declines if breached.

Crude Oil (WTI)

Oil prices have maintained an upward bias, supported by key levels between 61.43-62.07. Resistance is at 66.08-66.40, with a breakout above this zone necessary for further gains. A drop below the channel would suggest a potential downtrend towards 56.36.

Conclusion

The technical outlook for Gold, Bitcoin, and Oil indicates critical levels to watch as the market prepares for significant economic data releases. Traders should monitor these levels closely to gauge potential market movements.

Upcoming Events

Key economic data releases to watch include US retail sales, NFP, and CPI, which could impact market volatility and direction.