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Commodities & Indices Outlook: Gold Price Crosses Big Trend-line

Commodities & Indices Outlook: Gold Price Crosses Big Trend-line

2017-06-06 11:06:00
Paul Robinson, Strategist

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Today, we focused on gold and silver as the former has clearly crossed above the all-important 2011 trend-line which has been a major obstacle on several occasions dating back to the summer of last year. While gold has clearly surpassed this major hurdle on a daily basis, we would like to see a weekly close given the long-term nature of it – that could come this week. A confirmed move above the t-line and the April swing high at 1295 clears a path towards the upper 1300s. Silver isn’t as clear and lagging gold on the macro-front, but if gold is about to embark on a major move higher then silver will follow.

Crude oil remains on the ‘sell-list’, but is finding some support around the 47 level. A clean break below should usher in more selling in the near-term towards 43.

The Nikkei broke out above the 20k mark, but is testing the breakout – it needs to hold here or else it’s at risk of sinking lower on a false breakout. The 12700 level is key for the DAX, and needs to hold if a near-term bullish bias is to remain intact. A break below will likely bring 12500 into focus, while a hold and push higher will bring Friday’s high near 12900 back into view. The CAC 40 is nearing the completion of a triangle, we’ll need to wait for a break before doing anything there. The FTSE 100 is at a cross-road of significant top-side trend-line resistance and the April trend-line. Should see a resolution this week.

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

---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.