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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/3mqut0yQIQ https://t.co/nfyycibwKM
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/UWnLJHVPN4
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here: https://t.co/6ZH026QLRN https://t.co/JJIyKh8r1l
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day. https://t.co/H9KQjR3ViK
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/tl54v6sKkX
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out: https://t.co/ik0wQ3MLGE https://t.co/heAYoTMDeR
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:https://t.co/ZNs4Qi8ieG https://t.co/UqZBBPZiOl
Crude Oil, Gold, S&P 500 – Charts to Watch & More

Crude Oil, Gold, S&P 500 – Charts to Watch & More

2020-02-05 13:05:00
Paul Robinson, Strategist
Share:

Crude oil has been getting throttled recently on the coronavirus, which has it no trading around the 2016 trend-line. Today is up so far, but it was yesterday to before reversing to close down on the session. It’s indeed oversold, but ideally before turning bullish it would be good to see a rally off the low hold up with only a minor retracement.

Oil Forecast
Oil Forecast
Recommended by Paul Robinson
Check out the oil fundamental and technical forecast
Get My Guide

Crude Oil Daily Chart (2016 trend-line, watching price action down here)

Crude oil daily chart

Crude Oil Chart by TradingView

Gold rolled over from the channel we were looking at yesterday, in-line with expectations that gold could be in for a bit of a drop following sluggish upward price action. Looking lower, there is support around 1536 down to the trend-line from May near 1520. While the near-term outlook is sideways to down, the longer-term prospects for gold still remain bullish. It just appears that some more digestion is needed before another run can be strung together.

Gold Daily Chart (biased lower, support down lower)

Gold daily chart

Gold Chart by TradingView

S&P 500 continued yesterday, and is poised for more gains today as per pre-market futures. I was looking for a bit more of a sell-off before finding a low, but the market remains pointed higher with only a small chance now of seeing a lower high develop. It’s a tough spot to be looking for shorts at the moment.

Equities Forecast
Equities Forecast
Recommended by Paul Robinson
Are indices your thing? Check out the Q1 Forecast.
Get My Guide

S&P 500 Daily Chart (chart still pointed higher)

S&P 500 daily chart

S&P 500 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