Crude Oil, Gold, S&P 500 – Charts to Watch & More
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.
Crude Oil Daily Chart (2016 trend-line, watching price action down here)
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)
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.
S&P 500 Daily Chart (chart still pointed higher)
To see all the charts we looked at, check out the video above…
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---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.