The pair retreated below 1.3620 after hitting 1.3700 level, which represents the upper boundary resistance of the ascending channel. We may see the pair make a correction to 1.3400 – 1.3300.
The pair’s resistances are 1.3620-1.3700.
The pair is trying to stable above 1.2680, and it is possible that the price will remain stable above this level, and the pair will try to test the levels of 1.2950 / 1.30.
But if it falls below 1.2680, the price may continue fell to 1.2525.
Gold prices are aiming to test the 1959 – 1973 resistance zone following the confirmatory break above the falling trendline from August. Recently, a ‘Golden Cross’ emerged, pointing to the potential for more upside progress. In the event of a turn lower however, keep an eye on rising support from late November.
Support levels for gold are 1956-1962.
Silver prices confirmed a break above the 61.8% Fibonacci retracement at 26.7315 – see daily chart below. That has exposed the 78.6% level at 28.1087 in the aftermath of prices taking out the falling trendline from early August. Here too a ‘Golden Cross’ is underpinning the case to the upside.
Crude oil prices may be taking aim to extend gains in the near term. Prices have closed above the 49.42 inflection point from early February 2020, exposing the 54.45 high from the same month. A bullish ‘Golden Cross’ is also underpinning the case to the upside from the 50-day and 20-day Simple Moving Averages (SMAs). However, negative RSI divergence does show fading upside momentum, a sign of caution.
The Dow Jones is moving in sideways move to the upside, and it is possible that the index will continue its rise, targeting the levels of 31000-31500 points.
However, all of this is conditional on maintaining the index at 29400, which in case it stabilized below this level, it is likely to decline to support 28900-28000.
The DAX moved in sideways channel between 13600 and 13900 level, and it is possible that, by surpassing its top, the index will target 14500-15000.
Support levels for the index are 13600/13000.