EUR/USD • GBP/USD • GOLD • S&P 500 • WTI | Week of 17–21 November 2025
Last week felt like a market in limbo: the government shutdown ended, tech stocks cracked under valuation pressure, and traders were left waiting for the flood of delayed economic data. This week, the waiting ends — and markets finally get the information they’ve been trading blind without.
With volatility rising across currencies, metals, equities, and energy, here’s how the major assets are setting up.
EUR/USD — Quiet Strength Ahead of Data Reboot (1.1620)
Trend: Mild Bullish Correction
Sentiment: Cautious Optimism
EUR/USD held its ground last week as traders positioned ahead of returning US macro data. With the dollar drifting and eurozone officials maintaining their calm policy outlook, the pair continues to recover — but without conviction.
This week’s data flood could be the catalyst for real direction. Hot inflation or strong job numbers will support the USD; softer numbers may give EUR/USD the fuel it needs to challenge higher levels.
Key Levels:
- Resistance: 1.1685; 1.1724
- Support: 1.1570; 1.1530
Fremora View:
Short-term bullish but event-dependent. Expect sharp reactions once US data resumes.
GBP/USD — Holding Firm, But CPI Will Decide Everything (1.3173)
Trend: Sideways, building pressure
Sentiment: Cautious but Steady
GBP/USD ranged tightly despite weak UK fundamentals, supported instead by improved global sentiment and a softer USD. But the story now shifts to the UK CPI release, the most important catalyst for sterling this month.
A cooler CPI reading boosts rate-cut expectations and may drag GBP lower. A sticky number gives the pound more room to climb.
Key Levels:
- Resistance: 1.3211; 1.3251
- Support: 1.3137; 1.3097
Fremora View:
Neutral with upward potential — Wednesday’s CPI will decide the tone for the rest of November.
Gold (XAU/USD) — A Market Waiting for Confirmation (4,080.58)
Trend: Consolidation with Bearish Bias
Sentiment: Mixed & Hesitant
Gold briefly touched the 4,100 area before losing momentum as Fed officials pushed back against aggressive rate-cut pricing. Shutdown uncertainty initially supported safe-haven flows, but as clarity returned, buyers stepped aside.
This week’s incoming US data will dictate whether gold breaks higher or slides lower. Strong data pressures gold; weak data fuels the next leg up.
Key Levels:
- Resistance: 4,142.63; 4,226.10
- Support: 4,023.68; 3,932.17
Fremora View:
Gold is balancing between opposing narratives — whichever breaks first will define the rest of the month.
S&P 500 — Tech Volatility Returns, and the Market Feels It (6,751.52)
Trend: Consolidation after sharp pullback
Sentiment: Nervous & Reactive
Tech’s sharp retreat caused the S&P 500 to wobble after months of relentless strength. AI names alone erased more than $800 billion in market value, eroding confidence heading into a critical earnings week.
With delayed US data set to hit all at once, combined with mega-cap earnings, this week’s volatility could be outsized.
Key Levels:
- Resistance: 6,794.59; 6,838.27
- Support: 6,714.22; 6,673.16
Fremora View:
Neutral leaning bearish — especially if tech earnings disappoint.
WTI Crude Oil — The $60 Tug of War Continues (59.74)
Trend: Rangebound
Sentiment: Mixed with Defensive Positioning
Oil continues oscillating around $60 as supply pressure meets geopolitical tension. Inventory builds and bearish long-term forecasts cap the upside, but conflict-related disruptions keep sellers cautious.
This week is another battle of sentiment vs. fundamentals.
Key Levels:
- Resistance: 61.19; 62.25
- Support: 58.53; 57.41
Fremora View:
Sell rallies unless price closes decisively above 62.25–63.00.
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