US500
Let’s start today’s analysis with US500which managed to break above psychological resistance at 4000 pts which now acts as the first line of support. Index is currently testing the 200 moving average (red line) which has acted as a resistance in the past, which coincides with a long-term downward trendline. If buyers manage to break higher, next resistance to watch is located at 4175 pts, which is marked with upper limit of the 1:1 structure and 23.6% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if the index resumes decline and the aforementioned 4000 pts level is breached, the next key support to watch can be found at 3900 pts,
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US500, D1 interval. Source: xStation5
GOLD
Taking a look at GOLD at the H4 interval, we can see that the price of the precious metal bounced off the $1,732 per ounce area. This zone is marked with previous price reactions, lower limit of local market geometry and 100-period EMA (purple line). Should the current sentiment prevail, the upward move may extend towards the recent highs at $1,790, which coincides with the upper limit of the 1:1 structure. A break below this area would hint at a bearish reversal to a short-term trend.
GOLD, H4 interval. Source: xStation5
OIL.WTI
Finally, let’s take a look at the oil market. Looking at the OIL.WTI chart on the D1 interval, one can see that the price fell over 15.0% from its recent high at $93.00 and currently hovers near key support at $76.20, which is marked with lower limit of the 1:1 structure and 78.6% Fibonacci retracement of the upward wave launched at the end of November 2021. Should break lower occur, downward move may deepen towards local support at $68.00. On the other hand, if market sentiment improves, upward correction towards local resistance at $81.20 may be launched.
OIL.WTI, D1 interval. Source: xStation5
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