Gold and Crude Oil Still Looking Lower; S&P 500, DAX Higher
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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…
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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.