Trading Outlook: DXY, GBPUSD, Gold/Silver, DAX & More
Paul holds the “London FX & CFD Trading” webinar each Wednesday and Friday at 10 GMT. For sign up details and a full schedule of all live events, please see the Webinar Calendar.
In today’s webinar, we took a look at a good number of charts, but focused in on a few which look the clearest and present the best-looking set-ups looking out over the next few days.
The US Dollar Index (DXY) dropped hard into support yesterday, how it responds in the very near-term will be crucial. GBP/USD popped hard through some key levels yesterday, looking constructive for higher prices on a dip as long as it doesn’t melt back through new support. EUR/AUD is challenging those 141s hard again, looking like it wants to break, but we will wait for the break first given the number of times it has bounced from here. EUR/NZD short still in play, looking lower.
Gold and silver prices are propelling higher with the help of a weak dollar. Gold is clearly above 1200, while silver challenges key resistance surrounding 17. Gold holds the 1200 area, could see a move to 1240/45. Silver still capped by resistance, so it needs to first clear before being in the clear.
Crude oil is putting in a rounding top pattern, with a series of lower highs and lower lows developing recently; looking for it to drop below 50 soon towards the 47/48 area.
The DAX remains contained within a range, while the FTSE 100 declines off a top-side level we’ve been watching recently. The S&P 500 still has a semi-bullish tilt, with a basing pattern in place; but should it break below 2248, then downside risk will grow quickly.
For full considerations please see the video above.
---Written by Paul Robinson, Market Analyst
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