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Dow Jones, Gold & More: Index & Commodity Charts to Watch & More

Dow Jones, Gold & More: Index & Commodity Charts to Watch & More

Paul Robinson, Strategist

The Dow Jones is up against the underside of the 2016 trend-line, while the S&P 500 is very near the 200-day MA. It looks like the upside has run its course for now and with resistance at hand the market is at risk of rolling over, even if only by a small amount towards the bottom-end of the range. For the Dow the bottom of the range is just under 23k and for the S&P 500 support is 2766.

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Dow Jones Daily Chart (resistance and range in focus)

Dow Jones daily chart

Dow Jones Chart by TradingView

Gold is trying to break completely free from the wedge it was stuck in, and while it has technically broke the pattern the reversal on Monday put a small dent in the upside. There still looks to be some room up to around 1800 where 3 peaks from 2011/12 could be problematic. A test and turn off those peaks could spark an intermediate correction, however, a break on through would seem to likely have the record highs at 1920 in play. Keep an eye on silver, it has been playing catchup. If it can keep rallying from here watch the 18.30 area where a trend-line from September comes in.

Gold Daily Chart (trying to maintain breakout)

Gold daily chart

Gold Chart by TradingView

Silver Daily Chart (watch trend-line on further strength)

Silver daily chart

Silver 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.

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