GOLD
Let’s start today’s analysis with the gold market. Precious metal bounced off the key support area at $1,760 -1,765, which is marked with lower limit of 1:1 structure, 61.8% Fibonacci retracement of the upward impulse started on the 9th of August as well as previous price reactions. Gold defended this zone twice, what may herald a resumption of an upward trend. However, buyers did not manage to break above the local resistance at $1,815, marked with 50% Fibonacci retracement of the recent downward correction started in mid-November. Taking this into account, a sideways move could be on the cards unless a catalyst for a bigger move emerges.
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GOLD D1 interval. Source: xStation5
US100
Next, let’s look at the US tech index - Nasdaq-100 (US100). Looking at the H4 interval, one can see that the index has been trading in a sideways move recently. The recent downward move was stopped at the key short-term support near 15,570 pts which is marked with the previous price reactions as well as 50% Fibonacci retracement of the recent upward move started at the beginning of October. Price pulled back from this support and one can observe a test of a 16,000 handle. According to the classic technical analysis, a break above below the 16,000 pts area, could herald another attack on the 16,440 pts zone, which remains a key resistance. On the other hand, pulling back from this resistance may herald a resumption of the downward move and a drop towards recent lows near 15,570 pts.
US100 H4 interval. Source: xStation5
DE30
Last but not least, let’s take a look at the German index - DAX (DE30). Looking at the D1 interval, one can see that the Monday’s sell off stopped at the key mid-term support at 15,100 pts area. The green zone on the chart is marked with previous price reactions and the wide 1:1 structure. According to the Overblance strategy, bouncing off this geometry confirms that the main trend remains upward. Should the current sentiment prevail, one could expect the price to continue to rise. The nearest resistance lies in the 16,000 pts area.
DE30 D1 interval. Source: xStation5
