DE30
Let’s start today’s analysis with the German index - DAX (DE30). Looking at the D1 interval, one can see that buyers managed to halt downward correction despite the strong downward momentum we observed last week. The daily candlestick finished the day above the 15,800 pts handle which should be considered as a key support in near term. According to the classic technical analysis, as long as the price sits above, the continuation of an upward trend is the base case scenario. Should the current sentiment prevail, another attack on an all time high is possible. On the other hand, if the index resumes decline and the aforementioned 15,800 pts support is breached, the 100-period moving average will be the next key support to watch.
DE30 D1 interval. Source: xStation5
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appRipple
Let’s move to the Ripple chart. Looking at the H4 interval, one can see that the potential ABC correction is building up after a strong upward move recently. Should the current downward correction deepen, the nearest support to watch lies at 1.0500 and is marked with previous price reactions. But in case of a bigger decline, the next important support can be found at1.0000 level, where potential market geometry lies. On the other hand, if buyers manage to regain control, an upward move may accelerate towards the resistance area at 1.2900.
Ripple H4 interval. Source: xStation5
GOLD
Last but not least, let’s take a look at the gold market. The precious metal broke above the key resistance zone ($1,790 - 1,795) this week but the buyers did not manage to keep the momentum and a local correction was launched. The key for further price direction will be whether the price will stay above the aforementioned zone. If so, even a move towards the resistance area at $1,829 may be possible. On the other hand, should sellers take the lead, the downward move towards the $1,750 area may be on the cards.
GOLD D1 interval. Source: xStation5
