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Gold, Silver Spike into Support, Crude at Resistance, Indices Seek Support

Gold, Silver Spike into Support, Crude at Resistance, Indices Seek Support

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Yesterday, there was a supposed “fat finger” order in gold which sent it sharply lower in the span of a minute. Whether it was a fat finger, algo, or some other reason, the precious metal traded almost to the tick to the 200-day MA before bouncing. It has support by way of the 200-day and a trend-line back to January. Looking for a little more upside, but the 1260s will likely present problematic. Silver shot down into two trend-lines extending higher from December of 2015 and 2016. The spike lower and reversal skews risk higher for now.

Crude oil is bouncing from a confluence of support and trying to take out resistance around 43.80. We looked at a bear-flag visible on the hourly time-frame for a construct to work with in the near-term for shaping short trades.

Key global indices are thoroughly testing support and need to hold to keep a bullish posturing. The DAX is trying to hold onto the December trend-line while the CAC 40 maintains in a descending wedge pattern and holding a trend-line rising up from November. The FTSE 100 is looking to stay above a big zone of support surrounding 7400. The S&P 500 has a slope back to November it’s sitting on.

For full technical considerations and trading outlook, 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.