Top 3 movers after election night

1:47 PM 4 November 2020

Last night was a very volatile one on the global markets. While we still do not for sure who has won US presidential elections, odds seem to favour Democratic challenger Joe Biden. Let's take a look at how the technical situation on US100, GOLD and DE30 looks like. 

US100

US100 has been trading in a downward channel recently. However, once Biden's edge started to wane during the night, index moved higher. Price broke above the channel and moved to 11,770 pts swing level, where sellers stepped in. US100 pulled back and now is range trading near the 11,550 pts handle. If buyers manage to break above it, another attack on the aforementioned 11,770 resistance could be on the cards. On the other hand, the nearest support to watch is the earlier broken upper limit of the downward channel.  

US100 H4 interval. Source: xStation5

GOLD

Gold price slumped during the night but the downward move was stopped at the key support near 61.8% Fibonacci retracement. Buyers appeared on the 50% retracement a few times later on and gold has finally caught a bid during the European trade. Price jumped back above $1,900. If the current sentiment prevails, continuation of an upward move looks possible. Yesterday’s high is the key resistance to watch in such a scenario. 

GOLD M30 interval. Source: xStation5

DE30

DE30 finished yesterday's trading with solid gains but the reversal started overnight. The downward move reached the key support, marked with the upper limit of an earlier broken 1:1 structure, and a recovery move was launched. If the current sentiment prevails, continued upward move towards the resistance at 12,325 pts looks to be the base case scenario. This level is marked with lows from Sept. 26 and Oct. 22.

DE30 H4 interval. Source: xStation5

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