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
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.11% US 500: 0.77% France 40: 0.18% FTSE 100: 0.10% Germany 30: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LMuIXZ9D6X
  • The main focus in the FX space has been the Japanese Yen which continues to go up in smoke across the board. Get your market update from @JMcQueenFX here:https://t.co/2G4zEG3B4t https://t.co/SSdJODy7dW
  • EUR/USD looking to close out the week above the key 1.16 level, now trading at 1.1603 $EURUSD https://t.co/1e9bQlNK8y
  • Free Bird was on the radio when I was getting my lunch. That is my 'an angle gets its wings' moment for the fall
  • Three Democrats urge House to pause overseas tax hike - Politico via BBG
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.22% Silver: -0.85% Gold: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OvO7iACS4m
  • Chinese growth projections for 2022 and 2023 have been revised marginally lower in the recent International Monetary Fund (IMF) Economic Outlook. Get your market update from @CVecchioFX here:https://t.co/0fFdyeyJ5s https://t.co/eT3HDguQk6
  • Well that was quite clean #Gold #XAUUSD https://t.co/RunzG8NAuN
  • RT @KThomasDC: "To be honest with you, we’re probably not going to get $3.5 trillion this year," Biden says in Hartford. "We’re going to ge…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.66%, while traders in GBP/JPY are at opposite extremes with 78.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dAdWy7ADgZ
Crude Oil, Gold, S&P 500 – Charts to Watch & More

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

Paul Robinson, Strategist

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)

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.

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