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Trading Outlook – Gold Price, Crude Oil, S&P 500, DAX & More

Trading Outlook – Gold Price, Crude Oil, S&P 500, DAX & More

Paul Robinson, Strategist

Join Paul Tuesday-Friday for webinars each week, for details please see the Webinar Calendar.

In this webinar, we discussed where several markets are on the charts and the potential implications. We first took a look at gold and silver prices, which are both trading at resistance. Gold is in the low 1260s which has been a source of resistance and support during the past couple of months. The bias at this time is neutral to bearish, with a clean break into the upper 1260s as a reason to look towards the 2011 trend-line about 20 points higher. Big picture, the 2011 trend-line is a big line-in-the-sand for both sides of the market.

The bounce in crude oil has been violent the past couple of weeks, but with another push it could reach up into resistance in the 51.60/52 area. This is viewed with interest from the short-side given the bearish sequence of lower lows and lower highs in place since February. It’s the not the cleanest downtrend given the size of the rallies and sell-offs, but the chart is generally leaning lower.

Global indices continue to hang tough despite last week’s big sell-off. Record highs aren’t very far away for the S&P 500 and FTSE 100. The DAX is a bit of a laggard as well as the Nikkei. The expectation for extended moves in either direction is muted, taking a tactical stance of trading off levels with in mind we may see some back-and-forth price action as opposed to any one-way trade.

Check out the video above for full technical and trading considerations.

See our quarterly forecasts for FX, equity indices, and commodities to see where our team of analysts see markets heading for the remainder of Q2.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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