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  • Russia are reportedly amassing troops in South in response to Nato - IFX
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  • The US Dollar is currently attempting to rebound from yesterday's levels. After falling to a six week low around 91.00 yesterday, the $DXY is now trading back above the 91.15 level. $USD https://t.co/wdr6ysR3hx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bcF1DkhxFi
  • PBOC's Li: China has insufficiency of long-term capital, deficiency of equity capital. $CNH $CNY
  • the 1.4000 spot back in action on $GBPUSD that + underside of bullish trend channel stopped bulls in their tracks, at least for now https://t.co/5UxQbdXNyl https://t.co/JRsQi1hVUx
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.27% 🇳🇿NZD: 0.26% 🇪🇺EUR: 0.11% 🇨🇭CHF: -0.03% 🇬🇧GBP: -0.16% 🇯🇵JPY: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sx3TrZL8PC
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  • $GBPUSD briefly tested and rejected the 1.4000 level this morning and is now trading slightly lower, currently around 1.3970. 1.4000 was a key level of resistance for the pair throughout March. $GBP $USD https://t.co/ZwHnaqldfZ
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Crude Oil, S&P 500 & Gold: Index & Commodity Charts

Crude Oil, S&P 500 & Gold: Index & Commodity Charts

Paul Robinson, Strategist

Crude oil is up against the Saudi gap from March that eventually led to the front month contract turning negative. It is not surprising that this is acting as such a big level, but if the recovery in risk assets continues then it appears likely, barring negative geo-political headlines, that oil will trade on through. But even then the lows from 2017 and 2018 along with the 200-day lie ahead. A lot to deal with ahead. A break through, though, would likely send oil flying higher.

Oil Forecast
Oil Forecast
Recommended by Paul Robinson
Check out the recently released Q3 Oil forecast.
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Crude Oil Daily Chart (resistance is significant)

Crude oil daily chart

Crude Oil Chart by TradingView

The S&P 500 has been sluggish, but appears headed higher soon. The coronavirus gap from late February appears to to be begging to get filled. The gap is from 3257 up to 3337, with the record high not far beyond there at 3393. It seems the way stocks are flowing this will be the case.

S&P 500 Daily Chart (corona-gaps lie ahead)

S&P 500 daily chart

S&P 500 Chart by TradingView

Gold remains positioned bullishly with it working its way higher in near-term, but yet needs to cross well above 1800 to get beyond the triple peaks created in 2011/12 in the wake of the prior bull market high in 2011. Should we see some acceleration soon, then a run at the 1920 high could come soon. A break below 1790 will bring some caution to the near-term picture, while a break below 1756, the July 6 low, will bring in potential for an intermediate-term correction.

Gold Daily Chart (working higher around long-term resistance)

Gold daily chart

Gold Price 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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