In the past two weeks, I’ve argued that Gold could drop to the 1740 support zone and, indeed, after breaking under the rising wedge’s support and the failure to stay above 1800, XauUsd slid to my highlighted zone. So, now what?
Although is difficult to say at this moment if the drop from 1800 is in fact a lower high and Gold will resume its downward movement that started back in May or we will have a higher low to 1680 and Gold will resume its long-term bull trend, after 5 red days, at least a correction can follow.
That being said, in short term I expect a rise towards 1770 with interim resistance at 1755.

SP500- Important moment for bulls

Since mid-June, SP500 had a very good run with the index rising around 15% from the bottom to the top.
However, since 4300 recent top, the index has started to drop and now is trading at 4200.
Looking at the daily posted chart we can see that 4100-4150 is a very important horizontal support and is imperative for bulls to maintain this zone to keep momentum to the upside.
On the other hand, a drop under this support to the 4k zone would signal a new lower high and more importantly a false break to the upside and the bearish trend that started at the beginning of the year most probably will resume.
That being said, I’m slightly bullish as long as the price is above the mentioned support

EurUsd- Under parity soon, to stay this time…

If you’ve read my past analysis you know that I’m strongly bearish EurUsd and I draw attention multiple times to 1.03 zone resistance.
As we can see from the posted chart, after breaking above recent consolidation, the pair touched resistance and reversed violently.
At the time of writing EurUsd is trading almost in parity again and I expect a new drop under this important level.
1.01 offers good resistance now and rallies towards that zone should be sold.
0.97 is a reasonable target for swing traders