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Technical Outlook for Gold, Crude Oil, DAX & More

Technical Outlook for Gold, Crude Oil, DAX & More

Paul Robinson, Strategist

Gold and nudged below support level but are trying to recover back above, trend is still higher, but still face obstacles. Crude oil is trading lower, watching an important slope from July. European equites are look headed lower.

Technical Highlights:

  • Gold & silver slip below breakout levels, but trying to recover back above
  • Crude oil easing back from overbought, has slope support below
  • European equities (focus on DAX) at risk of further weakness

For longer-term technical and fundamental analysis, and to view DailyFX analysts’ top trading ideas for 2018, check out the DailyFX Trading Guides page.

Gold & silver slip below breakout levels, trying to recover back above

Gold and silver both topped key trend-lines last week, but then sank back below. They are trying to recover back above in-line with the trend off the December lows. If they fail by the end of the day, further retracement could be in store. Overall, the outlook is a bit murky at the moment.

Chart 1 – Gold: Daily

gold daily price chart

Crude oil trading lower, has important slope support below

WTI crude oil is working off overbought conditions into a trend-line from December. The slope from July is viewed as the more important line of support at this time. It held as resistance on several occasions until it became support mid-month. It’s the line-in-the-sand for now; stay above and trend remains firmly intact, drop below and more weakness could be in store.

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Chart 2 – WTI Crude Oil: Daily

WTI crude oil daily chart

European indices look headed lower

The DAX is at risk of breaking down below 13222, which will bring 13137 into play. A break below there has a couple of trend-lines which eyed as the next targets of support. These clock in around 13000/12900. The CAC is turning down from the 5530s again, with the next real level of support coming in the vicinity of 5540/27.

The FTSE made another lower high, a scenario we discussed yesterday. This has last week’s low at 7608 first up as support, but the big zone from 7600 down to 7550 is the biggest spot to watch should the UK index trade into it. It’s the range created during second-half 2017. A failure to hold there and selling could accelerate.

U.S. indices are easing off highs, but don’t appear as decisively lower as Europe at this time. We also looked at the Nikkei which broke a trend-line overnight from September, 23k is a big level of prior resistance, now support.

Chart 3 – DAX: Daily

DAX daily chart

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---Written by Paul Robinson, Market Analyst

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