US500
Let's start today's analysis with the US500 chart. Looking at the D1 time frame, we can see that the index bounced off the major support at 3965 pts which is marked with a lower limit of the 1:1 structure and lower boundary of the descending channel. As long as the price sits above, continuation of an upward move is still possible. The nearest resistance to watch lies at 4180 pts , where the 23.6% Fibonacci retracement of the upward wave launched in March 2020 can be found. On the other hand, should break lower occur, the next target for sellers is located around the 3800 pts area which coincides with 38.2% retracement.
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US500, D1 interval. Source: xStation5
GOLD
Gold market has been trading in a downward trend recently and price reached key support zone around $1830 which coincides with 61.8% Fibonacci retracement of the upward wave started at the end of March 2021, 200 SMA (red line), upward trendline and lower limit of the 1:1 structure. If buyers manage to defend this level, then another upward impulse towards resistance at $1900 may be launched. On the other hand, if a downward move deepens further, the next support to watch lies at the $1765, where the 78.6% Fibonacci retracement is located.
GOLD, D1 interval. Source: xStation5
BITCOIN
Finally, let’s take a look at the cryptocurrency market. Looking at the Bitcoin chart on the W1 interval, one can see that the major cryptocurrency has been trading in a downward move in recent months. However, a recent downward move was stopped at the key support area near the $29,000 level. This support is marked with previous price reactions as well as lower limit of the descending channel. Should the price stay above the aforementioned support, the return to the upward trend is possible. The nearest resistance to watch lies around $38,000 and coincides with 78.6% Fibonacci retracement of the last upward wave. On the other hand, considering a break below, the next support to watch can be found at $12,700, where previous price reactions and lower limit of the 1:1 structure are located.
BITCOIN, W1 interval. Source: xStation5
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