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Trading Outlook: US Dollar, Gold/Silver, Indices & More

Trading Outlook: US Dollar, Gold/Silver, Indices & More

Paul Robinson,

Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s session, we took a look at the precarious spot the US Dollar Index (DXY) sits. GBPUSD may have finally broke the recent price action shackles and headed higher, while EURUSD is trying to lift from support. USDJPY is in a vulnerable spot here, it needs to turn higher soon or else a big move lower could unfold. The Yen crosses in general have been and continue to be a focus; GBPJPY triangle looking headed for a breakout very soon.

Gold is ripping out of a triangle we’ve been watching the past couple of days, with it almost near resistance in the low 1260s (200-day, trend-line). A break through there (and perhaps some help from the dollar) could see this thing towards big horizontal resistance and the 2011 downtrend line; both arriving right around 1300. Silver continues to work towards our first target objective at ~18.50; 19 is still the bigger target at this time.

Crude oil, one word – Messy. We’ll revisit later when it gives better indications.

Yesterday, U.S. indices showed some vulnerability after running relentlessly in recent weeks. The Nasdaq 100 put in an engulfing bar, more downside likely to come. The DAX is falling back from resistance, but does have some support to watch not too far below. The FTSE is rolling over a bit, with trend-line support potentially coming into focus soon – watch for sterling strength to possibly add to weakness. Overall, volatility has been compressed for a while now, and March can be a volatile time. With that in mind, we could be in for a ride next soon.

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---Written by Paul Robinson, Market Analyst

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