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. See our updated Privacy Policy here.

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
More View more
Technical Outlook for Gold/Silver, FTSE, DAX, Nasdaq 100 & More

Technical Outlook for Gold/Silver, FTSE, DAX, Nasdaq 100 & More

Paul Robinson, Strategist

Gold remains bound by a major long-term trend-line, but still has a supportive trend; keeps outlook in limbo for precious metals. The FTSE is up against significant price resistance, DAX rally looking corrective. Nasdaq 100 back at record high, looking for a dip soon.

Technical Highlights:

  • Gold under pressure as long as it remains beneath 2013 trend-line
  • FTSE struggling around 7300-line, technical pattern coming into view
  • Nasdaq 100 back near high, looking for a pullback in the short-run

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 under pressure as long as it remains beneath 2013 trend-line

Gold continues to struggle mightily around the 2013 trend-line, a threshold that as long as it stays below keeps the outlook neutral to bearish. A weekly close above the trend-line is required for a confirmed breakout given the long-term duration of the line.

Gold has support by way of a trend-line dating back to December, which it is currently trading beneath at this time. A daily close below 1321 brings the 1306/00-area into play as a targeted objective.

Silver has an even poorer posture than gold, looking ready to trade down below the 16.20-line to under 16 where a trend-line runs up from July. To turn the outlook constructive, we’re looking to gold and a breakout above the 2013 trend-line.

Gold Daily Chart

gold daily chart

FTSE struggling around 7300-line, technical pattern coming into view

The FTSE continues its struggles around 7300, and as long as the index stays below there the outlook remains neutral to bearish. Coming into view on the hourly chart is an ascending wedge, which may help the index push on through 7300, but the wedge could also act as a continuation pattern off the January high. We’ll wait for a confirmed breakout in either direction before running with a bias…

Start learning today how you can Build Confidence as a Trader

FTSE Daily Chart

FTSE daily chart

FTSE Hourly Chart (Wedge)

Please add a description for the image.

Nasdaq 100 back near high, looking for a pullback in the short-run

We looked at three of the major U.S. equity indices – S&P 500, Dow Jones & Nasdaq 100 – but focused on the latte due to its technical posturing. With the S&P and Dow hanging out below highs there aren’t any great levels to work with. Risk/reward from either side of the tape isn’t particularly favorable.

The Nasdaq 100, however, has the old highs at 7023 just ahead and with the run having been fierce; a pullback at the least looks like a probable scenario. From there, depending on how a decline would play out (if one develops); we can make a better determination if it is of the healthy corrective variety or something that could lead to a sharp decline.

Nasdaq 100 Daily Chart

Nasdaq 100 daily chart

And more…

We also looked at the DAX, CAC, S&P 500, Dow Jones, Nikkei, and crude oil.

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