Dow Jones, DAX 30, Gold Price Charts to Watch & More
The Dow Jones continues to hold up well thanks to the massive backstopping of the Fed, despite the dire global economic situation. Looking beyond that, the trend remains to the upside, but is at risk of turning lower soon with key levels finally standing in the way. The 2016 trend-line and gap from March 6-9 present a good spot to look for weakness to set in. This leaves some room from current levels up to 25864 before sellers may show up in earnest.
Dow Jones Daily Chart (levels ahead to watch)
The DAX is coming out of a two-week or so range and is still leaning bullish, but like the Dow it also has important technical thresholds ahead to watch. The March 6-9 gap and the underside of the 2011 trend-line both stand in the same vicinity. There is room to trade up to 11541 before things might turn dicey for the index.
DAX Daily Chart (currently bullish, could change soon)
Gold is still hanging tough in the near-term, and with the long-term trend still pointed higher it would appear another rally could be in store relatively soon. It is unclear how the correction still wants to unfold from here, but stay above 1658 and the outlook is neutral to positive. A breakout above 1747 is seen as potentially leading gold to an important set of levels from after the 2011 high around 1770 up to just over 1800.
Gold Daily Chart (congestion pattern in the works)
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