US100
Let’s start today’s analysis with a look at the US tech index as it has once again reached a fresh all-time high. One can observe a downward correction today, but the main trend still remains upward. Looking at a daily time frame, one can see that the index has been respecting the 20 - period moving average recently. In addition, the recent downward correction was equal to the previous ones in the current upward impulse. The area at 9,750 pts should be considered as a key support for now. The bearish scenario could materialize once a price breaks below it. However, should bulls regain control, 127.2% and 161.8% exterior retracements could be at risk in mid-term.
US100 D1 interval. Source: xStation5
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Gold market reached fresh YTD highs today. Price broke above the resistance at $1,764 confirming the upward trend. As long as the price sits above the aforementioned level, one should expect the price to continue to rise. Looking at the H4 interval, one can see that the XBCD harmonic pattern is building up. The nearest key resistance lies at $1,790, where the 127.2% exterior Fibonacci retracement is located. If sellers manage to halt advance there, the downward correccion may start. Nevertheless the level is still far away. On the other hand, should sellers' reaction occur sooner, the aforementioned $1,764 handle will be the first support to watch. The next demand zone lies at $1,743, where the previous pierce reactions are located.
GOLD H4 interval. Source: xStation5
Ethereum
Last but not least, let’s take a look at the second largest cryptocurrency - Ethereum, which has been trading in a local sideways move recently. Coin failed to break above the resistance at $250 at the beginning of June, but buyers regained control near support at $215. The aforementioned area at 250$ was tested today but sellers managed to fend off bulls. In case of a daily close at current or lower level, bearish signal would be generated. It could hint at Ethereum remaining in a sideways move for the time being with lower limit of recent range at $215 being a level to watch. However, in case we finally see a break above $250, the upward move may accelerate.
Ethereum H4 interval. Source: xStation5
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