DE30
Let’s start today’s analysis with the German stock market. Looking at the technical situation on DAX (DE30), one can see that it has not changed since last week. The index has been trading in a local sideways move near an important zone at 15,515 pts. However, looking at the chart from a broader perspective, the main trend remains upward. In case the current sentiment prevails, and the price breaks above the 127.2% Fibonacci retracement, the upward move may accelerate. In such a scenario, traders should look towards the next Fibonacci level - 161.8% at 15,965 pts. Nevertheless, on the other hand, a break below the aforementioned 15,515 pts support may change the sentiment to bearish. However in such a scenario, the lower limit of 1:1 structure will become the first key support.
DE30 D1 interval. Source: xStation5
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GOLD
Next, let's take a look at the gold market. Analysing the chart on the H4 interval, one can see that the precious metal has been trending under pressure recently. The price broke below the upward channel and decline has accelerated later on. However, the downward move stopped at the key support area near $1,751, which is marked with previous price reactions. Should buyers manage to halt declines here, an upward correction may be on the cards. In such a scenario, the upper limit of local 1:1 structure will be the first target for market bulls. On the other hand, breaking below the aforementioned support, may result in acceleration of a downward move. The next key support to watch lies at the $1,680 and is marked with the recent lows.
GOLD H4 interval. Source: xStation5
US100
Last but not least, let's take a look at the US tech index - Nasdaq (US100). Looking at the H4 interval, one can see that the index again reached a fresh all time high this week. Should buyers manage to keep the current momentum, the 14,772 pts handle will be the potential target for market bulls. However, should the downward correction occur, the nearest support to watch is a marked with a lower limit of local 1:1 structure (red rectangle) at 14,290 pts. This support is also strengthened by the lower limit of the upward channel, marked with a green dashed line.
US100 H4 interval. Source: xStation5
