DE30
Let’s start today’s analysis with the German index - DAX (DE30). Looking at the D1 interval, one can see that sellers managed to halt upward move near the round 16,000 pts handle. According to the classic technical analysis one can see that the potential double top formation is building up. Today’s downward move reached even the neckline of this pattern but the price reacted positively. The close of today's session will provide important information regarding further direction. Should sellers manage to break below lower, then 100 EMA will be the next key support to watch.On the other hand, bouncing off the 15,615 support, may launch another upward impulse.
DE30 D1 interval. Source: xStation5
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Let's move to US500, which has been trading in an upward trend recently. However, looking at the daily interval, the price reached the 161.8% Fibonacci exterior retracement of the recent downward correction, and the sellers appeared. In case of the bigger downard move occurs, one should focus on the 4,470 pts support. The next support to watch lies at 4,420 pts and is marked with the lower limit of 1:1 structure, as well as previous price reactions and the lower limit of upward channel. Only breaking below this support zone may lead to a trend reversal. On the other hand, should buyers manage to keep the upward trend, the aforementioned 4,552 pts handle remains the key resistance in the short term.
US500 D1 interval. Source: xStation5
GOLD
Last but not least, let’s take a look at the gold market. The precious metal bounced off the key resistance zone ($1,830) and the bigger downward correction started. The downward move breached the lower limit of 1:1 structure, but buyers are trying to halt declines. The $1,800 level plays the major role for now. Should buyers maange to keep the price above, another upward impulse may be launched. On the other hand, closing the daily candlestick below this hurdle, may herald a bigger downward correction. Considering the bearish scenario, the next potential support lies at $1,777 area, where one can find previous price reactions and the 38.2% FIbonacci retracement of the recent upward move started on 9th August.
GOLD D1 interval. Source: xStation5
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