Top three chart of the week: Ripple, GOLD, DE30

Let’s start today’s analysis with Ripple chart as price of the cryptocurrency plunged after the SEC sued the company behind it over the alleged sale of unregistered securities. Looking at the daily time frame, a downward move accelerated once the price broke below the support at  $0.45 (this level should be considered as a key resistance for now). Following a breakout, the downward move is being continued during today’s session. Sellers managed to push down the price into next key support at $0.31, where the previous price reactions and the 161.8% Fibonacci exterior retracement are located. If buyers manage to halt decline there, an upward correction may start. On the other hand, breaking below could pave the way for more declines.

RIPPLE D1 interval. Source: xStation5

GOLD

Gold price has been trading in a downward channel recently. Buyers failed to break above the resistance at $1,900 handle and the downward move may be set to resume. As long as the price sits below this level, market bears are in advantage. The nearest support to watch could be the 38.2% Fibonacci retracement but the area at $1,760, where buyers appeared at the end of November, looks to be more important. Precious metal would need to to return above the aforementioned $1,900 resistance to speak about a bigger upward move.

GOLD D1 interval. Source: xStation5

DE30

After a strong sell-off on Monday driven by a new strain of coronavirus, DE30 is trying to recover. The price returned above the key resistance area at 13,450 pts signalling the end of a downward correction. However, we would need to see a daily candlestick close above this level to confirm this. Closing above the aforementioned 13,450 pts area may herald an upward move towards all-time highs near 13,800 pts mark. On the other hand, if the index finishes today's trading lower, another downard move is possible with upward trendline being the target to watch. 

DE30 D1 interval. Source: xStation5