Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Dow Jones, DAX, Gold & More – Charts to Watch

Dow Jones, DAX, Gold & More – Charts to Watch

Paul Robinson, Strategist

The Dow Jones futuressold off overnight on further escalation in the Middle East, but quickly recovered and are currently trading higher. The reversal will have the cash index opening amidst a shallow pullback/digestion phase, something pointed out as likely to come following extremes at the end of December only seen a few times in several years.

The Dow recently traded off resistance via an upper parallel that is part of a channel dating back to the spring of last year. This will be a focal point on further strength, while on the downside the trend-line running up from October is viewed as the first line of support. A touch-and-go off support could offer up a nice trend-continuation trade.

Equities Forecast
Equities Forecast
Recommended by Paul Robinson
Do you trade indices? Check out the Q1 Forecast.
Get My Guide

Dow Jones Daily Chart (watch trend-line support)

Dow Jones daily chart, watch trend-line support

Dow Jones Chart by TradingView

The DAX is set up for higher prices after tagging the August trend-line with almost exact precision and reversing on Monday. The trend is generally higher, and the trend-line gives the market some backing in the consolidation the market has been in since November. It will take a break below 12886 to turn the outlook bearish, otherwise the record high at 13596, created in January 2018, will become the next major focal point.

DAX Daily Chart (set up bullishly)

DAX daily chart, set up bullishly

DAX Chart by TradingView

Gold has been ripping hard since around Christmas, and tensions in the Middle East have added some fuel. However, the rip appears to be ending in exhaustion with the development of a key-reversal, pin-bar, whatever you want to call it, possibly in the works.

There is still time left today, but if the session closes with a candle looking similar to what we see now then a retracement looks to be in the works. The area breached overnight is a major zone from the 2011/12 topping process, and could continue to be a problem for a while longer.

Gold Forecast
Gold Forecast
Recommended by Paul Robinson
Get Your Free Gold Forecast
Get My Guide

Gold Daily Chart (reversing around major long-term resistance)

Gold daily chart, reversing around major long-term resistance

Gold Price Chart by TradingView

To see all the charts we looked at, check out the video above…

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES