GOLD
Let’s start today’s analysis with the gold market. Gold price has been trading in a sideways move between $1,895 and $1,965. Buyers managed to break above signaling that a potential bigger upward move may be on the cards. The upper limit of the upward channel may be considered as a nearest obstacle. In case price breaks above it, the next target will be the psychological $2,000 level. On the other hand, should the downward correction start, the support zone to watch can be found in the $1.965 area.
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GOLD H4 interval. Source: xStation5
BITCOIN
Next, let’s take a look at the cryptocurrency market. Looking at the Bitcoin chart on the H4 interval, one can see that the major cryptocurrency has been trading in a downward move since the end of March. However, a recent downward move was stopped at the key support area near the $40,000 level. This support is marked with previous price reactions as well as 61.8% Fibonacci retracement of the recent upward move, started on 24 of February. Should the price stay above the aforementioned support, the return to the upward trend is possible. On the other hand, considering a break below, the next support to watch can be found at $37,170, where previous price reactions and 78.6% Fibonacci retracement are located.
BITCOIN H4 Source: xStation5
DE30
Last but not least, let’s take a look at the German DAX (DE30). Looking at the H4 interval, we can see that the head and shoulders pattern continues to weigh on prices. Taking this into account, the continuation of a downward move is possible. According to the classic technical analysis, as long as the price sits below the neckline of the aforementioned formation (red line on the chart below), market bears are at advantage. In addition, the index trades below the 100 - period moving average, which further supports the bearish scenario. The nearest support to watch lies at 14,100 pts, where previous price reactions are located .
DE30 H4 interval. Source: xStation5
