CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Charts of the week: Ethereum, GOLD, NATGAS (26.10.2022)

12:13 26 October 2022

GOLD

Gold, like other precious metals, is benefiting from a weaker dollar. On the chart of gold on the H4 interval, one can see an inverted head-and-shoulders formation building up. GOLD quotes managed to leave the downward channel today, which gives a chance to realize the potential range of the mentioned oRGR formation. However, the key level of $1670, which is currently being tested, remains, which is the result of previous price reactions and the neckline of the formation. In case of an upward breakout, even a move towards $1722 is not excluded.GOLD interval H4. Source: xStation5

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Ethereum

Quite a lot of volatility is observed in the cryptocurrency market. Ethereum quotes managed to overcome the resistance at the level of $1445 yesterday, and today it was tested from the other side and acted as support. If the price is maintained above, there is a chance to attack the resistance at $1560, which is the result of the upper limit of the 1:1 system. Its possible negation, in turn, could lead to an extension of the increases towards the next resistance at $1765. On the other hand, only a return of the price below $1445 could change the sentiment to a downtrend. 

Ethereum interval D1. Source: xStation5

Natgas

Looking at the chart of NATGAS on the H4 interval, there has been a recent realization of the range implied by the broad head and shoulders formation (the formation marked in blue), after which the stock is currently in an upward correction. Despite the dynamic rebound, it seems too early to talk about a change in the trend. The level of 6.30, which results from previous price reactions, should be regarded as short-term resistance, while more important is only the level of 6.65, which results from the upper limit of the 1:1 system. As long as it is not negated, the main trend remains downward.Natgas interval H4. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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