Top three charts of the week: SILVER, GOLD, DE30

12:37 PM April 7, 2021

SILVER

Let’s start today’s analysis with the silver market. Looking at the H4 interval, we can see that the ongoing upward correction has been a bit smaller than the previous one so far. Should bulls manage to maintain the upward move, $25.60 area will be the first potential target for buyers, it is marked with the 1:1 structure and the 38.2% Fibonacci retracement of the recent downward impulse started in late February. On the other hand, if a downward move is being launched earlier, the area near $24.00 remains the key support to watch. 

Silver H4 interval. Source: xStation5

GOLD

Gold market has also been enjoying an upward correction recently. Looking at the daily time frame, we can see that the price is trading above the 150-period moving average which acted as a key resistance in the past.  Continuation of upward move looks possible. The nearest resistance zone to watch can be found at $1,750 -$1,760. Should bears manage to halt upward move there, gold may resume the downward trend. On the other hand, breaking above the aforementioned resistance would pave the way for a  bigger upward move. 

GOLD D1 interval. Source: xStation5

DE30

Last but not least, let's take a look at the German DAX (DE30), which has been trading in a strong upward move recently. In spite of yesterday’s bearish candlestick pattern, which has surfaced at the D1 interval (evening star), the main trend remains upward.. However, if the reversal signal is confirmed and the downward correction starts, the nearest support to watch can be found  in the 14,770 pts area marked previous price reactions. In case a break below occurs, a support at 14,150 pts will be at risk. On the other hand should bulls maintain an upward trend, the 15,440 pts area could be the next potential target for buyers (127.2% Fibonacci retracement).

D30 D1 interval. Source: xStation5

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