RUS50
Let’s start today’s analysis with the Russian index RTS (RUS50) which has experienced a spike in volatility recently. Looking at the daily time frame, RUS50 slumped almost 30% from 2021 highs. The downward move accelerated once the index broke below the lower limit of the upward channel, but declines stopped at a horizontal support area near 1,336 pts, which should be considered a key level in near term. The nearest resistance is the upper limit of 1:1 structure at 1,461 pts, which is marked with yellow colour.
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RUS50 D1 interval. Source: xStation5
OIL
Next, let’s move to the oil market. Looking at the H4 interval, we can see that the commodity is trading at year-to-date highs. The price broke above the key, long term resistance area at $86.00 and confirmed the upward trend. Should the current sentiment prevail, one should expect a continuation of an upward move. The nearest resistance to watch is a $91.55 level, which is a result of a 127.2% Fibonacci retracement of the downward move started in October 2021. On the other hand, if downward correction occurs, the aforementioned area at $86.00 should be considered a nearest support.
OIL H4 interval. Source: xStation5
GOLD
Last, but not least, let's look at the gold market. The price of this precious metal remains locked in the channel. The lower limit of the wide upward channel should be considered as a key support and the area at $1,830 remains the key resistance to watch. A sideways move could be on the cards unless we see a break though one of these levels, what could herald a bigger move.
GOLD D1 interval. Source: xStation5
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