GOLD
Let’s start today’s analysis with the gold market. The price of this commodity has been trading in a sideways move for a long time. Looking at the daily time frame, one can see that buyers managed to break above the wide consolidation range. However, response of sellers was quick. The price bounced off the resistance at $1,877 and returned to the vicinity of support at $1,853, forming a bearish engulfing pattern on the D1 interval. Currently, a sideways movement between $1,877 and $1,853 looks as a possible scenario. Once one of the aforementioned levels is breached, a larger move in respective direction could occur.
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USDRUB has recently experienced more volatility due to the tense geopolitical situation in the eastern part of Europe. Looking at the daily interval, one can see a potential head and shoulders pattern, which often heralds trend reversals. However, it should be noted that the classic technical signal will appear only once the neckline is broken. Taking this into account, the green zone at the chart below at 74.30 should be closely watched by investors. On the other hand, if the upward movement continues, the area around the zone at 77.12 should be considered as a key resistance.
RUS50
Last but not least, let’s take a look at the RTS Index (RUS50). Looking at the D1 interval, one can see that the recent sell-off was stopped at the 1,260 pts mark and index quickly rebounded. The price broke above the upper limit of 1:1 structure, which according to the Overbalance strategy may herald a resumption of the upward trend. However, the upward move stopped at the downward trendline, which should now be considered as a resistance. In case of a break above, the 100-period moving average and the resistance area at 1,685 pts will be the next potential target for buyers.
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