HY Newsletter – Gold Breaks Support Level

Newsletter51

Stocks Report: Facebook

Facebook reversed from pivotal support level 115.00

Further gains likely toward 121.10 and 125.00 

466-Stocks

Facebook recently reversed up from the support zone lying between the pivotal support level 115.00 (former strong resistance level which reversed earlier waves 1 and (i), acting as support now – after it was broken by the previous impulse wave i), lower daily Bollinger Band and the 50% Fibonacci correction of the previous impulse wave i. Facebook is likely to rise further in the active impulse waves 3 and (C) toward the next resistance level 121.10 (which reversed Facebook earlier this month) – the breakout of which can lead to further gains toward 125.00.

 

Commodities Report: Gold

Gold breaks support level 1230.00

Likely to fall to 1210.00 and 1200.00

466-Commdoities

Gold has been falling in the last few trading sessions inside the minor impulse wave 1 – which belongs to the intermediate (C)-wave of the primary ABC correction ② from the start of April. The price earlier broke through the support level 1230.00 (which reversed previous waves 4 and (b) and which was set as the expected downward target in our earlier forecast for this instrument). The breakout of the support level 1230.00 is likely to strengthen the bearish pressure on Gold in the coming trading sessions. The price is likely to fall to the next support levels 1210.00 and 1200.00.

 

Index Report: Deutsche Borse AG German Stock Index

DAX broke resistance level 10100.00

Likely to rise to 10470.00

466-Indices

DAX has been rising in the last few trading sessions – following the earlier breakout of the resistance level 10100.00 (which reversed earlier waves A and (i), as you can see from the daily DAX chart below). The breakout of the resistance level 10100.00 accelerated the active C-wave of the intermediate ABC correction (2) – which started earlier- when the index reversed up from the support zone lying between the support level 9800.00 and the 38.2% Fibonacci correction of the previous primary ABC correction ②. DAX is likely to rise further to the next resistance level 10470.00 (which stopped the earlier wave ②).

 

Forex Report: GBP/JPY

 GBP/JPY completed intermediate ABC correction (2)

Likely to fall to 158.00

466-Forex

GBP/JPY continues to decline – after the price earlier reversed down from the resistance zone lying between the strong resistance level 162.00 (which reversed previous corrective waves 4 and ②, as can be seen from the daily GBP/JPY chart below), upper daily Bollinger Band and the 38.2% Fibonacci retracement level of the previous sharp downward impulse from February. The downward reversal from the aforementioned resistance zone stopped the previous intermediate ABC correction (2) – starting the active impulse wave (3). GBP/JPY is likely to fall to the next support level 158.00 (low the previous reversal pivot from the start of this week).

 

Risk Warning & Disclaimer This information is provided by a 3rd party and not proprietary from HY Markets. Any and all trading decisions taken by any person using the above-mentioned information is taken at his/her own risk and HY Markets is not liable for any losses incurred.