US100
US tech index Nasdaq (US100) has been trading in an upward trend recently. Looking at the daily time frame, we can see that the price broke above the resistance area at 12,450 pts. As long as the price sits above it, the upward move looks to be the base case scenario. The first target for buyers is the 127.2% exterior Fibonacci retracement of the recent downward correction. Price would have to come back below the aforementioned zone at 12,450 pts before we can start talking about another correction. In spite of low volatility, the main trend remains upward and no sell signals can be spotted on the chart yet.
US100 D1 interval. Source: xStation5
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Looking at the silver chart, we can see that declines from the end of November were almost completely erased. The buyers gained an advantage at the beginning of a new month and the market launched an upward move. Market bulls managed to defend the support at $24.00 recently, which is marked with the lower limit of local 1:1 structure. According to the Overbalance methodology, as long as the price sits above it, one should expert continuation of an upward move. The nearest resistance to watch can be found at $25.00, where the previous pierce reactions are located.
SILVER H4 interval. Source: xStation5
Gold
The technical situation on the gold market is very similar to the one we can observe on the silver market. Looking at the H4 interval, we can see that the downward move stopped at the end of November. The buyers managed to push the price above the key resistance area at $1,850, which should act as a key support now. The area is additionally strengthened by the lower limit of local 1:1 structure. As long as the price sits above it, bulls are in advantage. The first key resistance can be found in the $1,895 area, where the previous price reactions can be found.
GOLD H4 interval. Source: xStation5
