2:41 PM · 13 January 2021

Top three charts of the week: Gold, Ethereum, DE30

GOLD
Commodities
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Gold

A massive downward move was observed on the precious metals market last week. Gold price pulled back the resistance at 1,955$ and the strong sell-off started. The downward move stopped at the key support area at 1,818$, which is marked with previous price reactions. However, looking at the H4 interval, we can see that buyers struggled with breaking above the resistance at 1860$ during subsequent recovery, what may herald a resumption of a downward move. As long as the price stays below it, the further downward move is the base case scenario. On the other hand, breaking above this hurdle, may pave the way for a bigger upward correction. 

Gold  H4 interval. Source: xStation5

Ethereum

Increased volatility could have been spotted on the cryptocurrency market in recent days. Ethereum has almost reached all-time high on the 10th of January but upward move stopped less than 100 USD short of a fresh record. The major trend remains upward, but the cryptocurrency has experienced a strong downward correction during the last three sessions. Looking at the H4 interval, one can see that potencial head and shoulders formation is building up. Should the price break below the support at $900, the bigger downard move may follow. On the other hand, breaking above the resistance at $1,130 may pave the way towards recent highs at $1,335.

Ethereum H4 interval. Source: xStation5

DE30

Global stock market has been trading in an upward trend recently. German index painted fresh all-time high last week but a local downward correction followed. Looking at the H4 interval, we can see that the area at 13,755-13,800 pts is the key support for now. It is marked with  2020 highs and the lower limit of local 1:1 structure. As long as the price sits above, one should expect the price to continue to rise. However, breaking below may open the way towards a bigger downward correction. In such a scenario, the next important support to watch lies at 13,400 pts, where the previous price reactions are located. 

DE30 H4 interval. Source: xStation5

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