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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.

Top three charts of the week: Silver, USDCAD, US30

12:49 1 July 2020

SILVER

Silver has been trading in an upward trend since the second half of March. However, price of this precious metal has been stuck in a local sideways move recently. Nevertheless as we have mentioned in our previous analysis, the main sentiment still remains bullish. The price bounced off the key support at  $14.65 confirming upward trend. Price reached  local highs yesterday  and further extension of the upward move seems probable. The nearest kesy resistance to watch lies at $18.8 handle, where the previous price reactions are located. Should the price break above it, the way towards the next resistance at $19.6 will be left open. 

Silver H4 interval. Source: xStation5

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USDCAD

USDCAD bounced off the key resistance zone at 1.3730 at the end of previous week and the bearish sentiment prevailed after the weekend. The zone is marked with the upper limit of 1:1 structure, the downward trendline as well as previous price reactions. The blue rectangle marked on the screen below shows the range of the biggest correction in a downward move started in March. According to classic technical analysis, as long as the price sits below this resistance, the main trend remains downward and price could drop towards support at 1.3415

USDCAD H4 interval. Source: xStation5

US30

The upward trend which we have been observing recently on the stock market eased. However, according to classic technical analysis, the main trend remains upward. Looking at US30 index, the 24,750 pts area is the crucial support to watch for now. As long as the price sits above, one should expect the price to continue the upward move. In addition, one may notice that the potential inverse SHS formation is building up. If the price breaks above the neckline of this pattern, the upward move could accelerate. On the other hand, the upward scenario will be invalidated once the price drops below the aforementioned 24,750 pts handle. 

US30 H4 interval. 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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