The new week starts with a correction of recent movements, so USD is finally gaining some strength and we're seeing reversals on Gold and the DAX.
The most technical movements can be seen on Gold, which went to the 1258 USD/oz resistance, created a Head and Shoulders pattern, broke the neckline, and went lower. The first target for the decline has already been reached - we touched the lower line of the channel up formation. That may not be the end of the take profit action. The price could decline further, to the 1244 USD/oz support.
DAX is also correcting the recent downswing. So far, we've climbed back above the neckline of the H&S formation, but due to the shape of that pattern, I wouldn't pay too much attention to that. We're about to test the horizontal resistances, and in my opinion, the sentiment will be negative here for as long as we stay below 12350 points.
On the other side, and in completely different shape, we have SP500, which didn't even touch the closest support during the correction, which shows us that the appetite for new highs is enormous. Making new all time highs is the most probable scenario here.