Facebook Twitter Instagram
    Wednesday, May 25
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»Watch out for the Turning Point on Gold and Stock Markets
    Analysis

    Watch out for the Turning Point on Gold and Stock Markets

    Zach WrightBy Zach WrightMarch 19, 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Both XAUUSD and SPX500 are seemingly at a crossroads. Gold may go both ways in the next hours. SPX500 shows some stronger upward inclination, but the market should be very volatile on Friday. Take a look at our chart analysis below.

    SimpleFX XAUUSD Chart Analysis: March 19, 2021

    The current gold structure shows a downtrend moving inside a large green channel.

    Over the past month, we have seen a gradual decline in the price towards the lower green zone. Not so long ago, the market touched the lower green wall, but did not break through it, but turned around and began to move in the opposite direction within a small yellow channel.

    At the time of writing, the price is located approximately in the center of the yellow channel. There are two options in the current situation: a continuation of the bullish move, or a reversal of the price and its decline.

    If the price reaches the resistance level of 1770.33, which is on the upper green line, and then breaks it, then it will be free to go to the upper line of the yellow channel and the resistance level of 1803.35. However, if XAUUSD starts moving down and can break through the yellow support line near the level of 1727.40, then we will see a continuation of the downtrend to the lower green wall and the support level of 1632.95.

    SimpleFX SPX500 Chart Analysis: March 19, 2021

    The SPX500 stock index forms an uptrend that moves inside the green channel.

    It is assumed that since February, the market has started to build a horizontal trend with an upward slope, which moves within the yellow channel.

    Recently, the price touched the lower green wall, then we saw a market reversal and its rise. Then the market touched the upper yellow wall, but could not break through it. Perhaps the bulls will try to break through the yellow line again. If the level of 3995.6 breaks, they will succeed and the bullish movement will continue to the higher resistance level of 4235.7, which is on the upper green wall.

    However, there is a possibility that the bears are stronger than the bulls, so market participants may see the market move down. If the support level of 3808.8 is broken, which is on the lower green line, the price may fall even lower to the level of 3710.3, which is on the yellow support line.

    featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous Article$2000 Spring Cashback Is a Hit! Don’t Miss the First Round
    Next Article $1000 Crypto Giveaway: 4 Days Left
    Zach Wright

    Related Posts

    Why Men in Their 30s Dominate Crypto, and How Can We Change It

    May 25, 2022

    Is it the Time to Sell-High Pound Sterling?

    May 25, 2022

    Can Euro Continue Its Run Against the Dollar?

    May 24, 2022

    Leave A Reply Cancel Reply

    Copyright © 2019. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT