Join Paul Tuesday-Friday for webinars each week, for details please see the Webinar Calendar.
We first took a look at gold, which was recently rejected on an attempt to turn the big-picture trend higher above the 2011 trend-line. The rejection pushed it below shorter-term support in the 1260s. It’s currently trying to bounce off a trend-line extending higher from December, but overall it looks poised to head lower. A retest of the 1260s is a spot of intrigue for fresh shorts. Still targeting 16.25/20 in silver, where a confluence of trend-lines rise up from December of 2015 and 2016.
Crude oil continues to show little life on bounces and has maintained a steady trend lower. We looked at an hourly chart where it ran into trend-line resistance and looked poised to turn lower. Between the time of the webinar and this writing crude oil dropped over a dollar through the May ‘puke-low’. Fast happenings. Below there, barring a reversal back above the May low, 42.23 is next up as the next support level.
Global indices continue to hold a bid, with the S&P 500 leading the way. There is some minor top-side resistance to worry about, but overall no need at this time to fight the trend. The DAX is treading in record territory, and like the S&P has a top-side trend-line around 13050 to contend with. The FTSE 100 is bouncing between major support and resistance; it will take a strong push to clear either side.
For full technical considerations, please see the video above…
Looking for Ideas? Check out our Trading Guides.
---Written by Paul Robinson, Market Analyst
You can receive Paul’s analysis directly via email by signing up here.
You can follow Paul on Twitter at @PaulRobinonFX.
