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
Gold Prices, S&P 500, DAX Index at Critical Turning Points

Gold Prices, S&P 500, DAX Index at Critical Turning Points

2020-02-06 02:00:00
Dimitri Zabelin, Analyst
Share:

Gold Price Forecast, S&P 500 Outlook, DAX Index Analysis – TALKING POINTS

  • Gold prices could start retreating as XAU/USD tests key support
  • S&P 500 is re-mounting the October uptrend – but will it hold?
  • DAX flirting with 2018 high but capitulation may catalyze selloff

GOLD PRICE CHART

After breaking the late-December uptrend that formed shortly after gold prices broke out of the September descending resistance channel, XAU/USD is now on the cusp of a familiar but critical support zone. Breaking below the lower tier of the 1551.96-1557.10 (gold-dotted lines) range opens the door to testing a floor at 1535.69 (white-dotted line).

Gold Prices – Daily Chart

Chart showing XAU/USD

XAU/USD chart created using TradingView

From a fundamental perspective, the path of least resistance supports the case for a continuation of the bearish correction. Conversely, if XAU/USD bounces back from this range, the precious metal’s rise may stall at a familiar ceiling at 1576.90 (white-dotted line). To get more updates on gold, be sure to follow me on Twitter @ZabelinDimitri.

Gold Prices – Daily Chart

Chart showing XAU/USD

XAU/USD chart created using TradingView

Starts in:
Live now:
Nov 30
( 03:11 GMT )
Recommended by Dimitri Zabelin
Cross-Market Weekly Outlook
Register for webinar
Join now
Webinar has ended

S&P 500 FORECAST

The S&P 500 has found itself at a critical three-way price intersection between resistance-now-turned support at 3325, a floor at 3293.75 and the prior uptrend. Re-aligning the equity index’ proverbial wheels on the previous track may precede a turn higher if it reinforces bullish sentiment. However, negative RSI divergence is showing upside momentum is fading right as the S&P 500 is approaching new highs.

S&P 500 – Daily Chart

Chart showing S&P 500

DAX index chart created using TradingView

DAX INDEX ANALYSIS

After shattering the October 2019 uptrend, the DAX fell almost two percent before bouncing back above the 12886.55-12948.17 support range. It is now approaching a critical price juncture between the prior uptrend and 2018-high at 13596.89 which it briefly tested before it capitulated. Failure to clear the prior ceiling may inspire liquidation if traders believe its upside potential – at least for now – is capped at the 2018-high.

DAX Index – Daily Chart

Chart showing DAX Index

DAX index chart created using TradingView

GOLD TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

DISCLOSURES