News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • San Francisco issues new stay-at-home order for residents - Reuters via BBG
  • Productive procrastination = you have a list of tasks in varying degrees of importance and you put the most important and high-priority item on the bottom but still need to feel and be productive so you do other tasks while avoiding the thing u need to do the most. Familiar?
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇬🇧GBP: -0.12% 🇨🇭CHF: -0.13% 🇪🇺EUR: -0.22% 🇯🇵JPY: -0.34% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OgYcNSUCI2
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.59% Gold: -0.10% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Jc0b1GCn7D
  • Despite reaching an all-time high in April 2020, USD/ZAR has steadily declined as bulls failed to maintain favor. Get your $USDZAR market update from @Tams707 here:https://t.co/32cstWfLt1 https://t.co/7RlEbk7r3I
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.50%, while traders in Wall Street are at opposite extremes with 74.56%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9Ft0XDFIEF
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.21% France 40: 0.20% Germany 30: 0.11% Wall Street: 0.02% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/57pcTwXMK1
  • RT @JoeBiden: Tune in as I deliver remarks on the final jobs report of 2020 and the state of our economy. https://t.co/JEvoHosVGv
  • Crude oil prices have been climbing alongside improved risk appetite, but gains may prove limited as production comes back online. Get your #crudeoil market update from @CVecchioFX here:https://t.co/ZtEklqGWHb https://t.co/wKYtfXoJTs
  • #Gold Price Forecast: Gold Bear Market Rally or Reversal? $XAUUSD Levels - https://t.co/YMVNNwPr1t https://t.co/l9ZmoBHT34
Technical Outlook for Gold/Silver, Crude Oil, DAX & More

Technical Outlook for Gold/Silver, Crude Oil, DAX & More

2018-02-20 11:56:00
Paul Robinson, Strategist
Share:

On Friday, gold failed again to close above the 2013 trend-line on a weekly basis, putting the general trading bias neutral to bearish. Crude oil is an interesting point in time on the current bounce given market positioning. The DAX is the weakest of the crew of indices we watch.

Technical Highlights:

  • Gold failed again to hold above the 2013 trend-line, bias neutral to bearish
  • Crude oil at an important cross-road on bounce given market positioning
  • DAX weakest of the group of indices we looked at (CAC, FTSE, S&P 500)

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 failed again to hold above the 2013 trend-line, bias neutral to bearish

There was about 12 hours to go before the close of the week and gold was looking to close above the 2013 trend-line before it reversed lower and closed just beneath it (again). The closing candle on a weekly basis above has been our requirement for a valid breakout given the long-term nature of it.

Another failure is leading to weakness, with the trend-line from December as the first line of support in the vicinity of 1330/25. Along with gold, of course, silver is taking a hit too. Given silver’s overall weaker posturing it has been the ‘go-to’ short between the two major precious metals. As long as gold stays below long-term trend-line resistance this will remain the case.

Gold Weekly Chart

gold weekly price chart w/2013 trend-line

Crude oil at an important cross-road on bounce given market positioning

Last week, US crude oil sprung higher from the July slope we’ve been focused on in recent sessions. But the rally could soon be at risk of creating a lower-high from the high created last month. As we discussed yesterday, speculative positioning is at a historical extreme in oil, and at some point all those long positions built up in recent months could start to unwind as gains shrink and losses accumulate.

The July slope is an important threshold given the amount of play it has received over the months; break below and look for the trend off the Jan high to accelerate. But for as long as the slope holds, though, it will remain a source of support.

Is volatility shaking your confidence? Check out this guide, Building Confidence in Trading.

US Crude Oil Daily Chart

US crude oil daily price chart w/July slope

DAX weakest of the group of indices we looked at (CAC, FTSE, S&P 500)

We’ve seen risk recover a bit after the swoon, but the DAX has been the weakest of the bunch. This is likely to remain the case and puts it at risk of trading down to recent lows or worse should risk start to wilt again. The CAC has very clear resistance in the 5280/300-area. The FTSE has clear support/resistance around 7100/7300. The S&P 500 is likely in for some testing of the recent bounce, shifting the near-term focus to the downside, while the broader outlook is yet uncertain.

DAX Daily Chart

DAX daily price chart, weak bounce so far

Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email – SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES