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Chart Outlook for Gold, Crude Oil, S&P 500, DAX & More

Chart Outlook for Gold, Crude Oil, S&P 500, DAX & More

Paul Robinson, Strategist

Precious metals continue to be a difficult handle with gold having the 2013 trend-line to contend with as resistance, but also having support not far below. Crude oil is coiling up with the S&P 500, working towards a break at some point. DAX, FTSE, Nikkei all remain vulnerable…

Technical Highlights:

  • Gold outlook remains indecisive still with key levels above & below
  • Crude oil coiling up with risk, a break should be in store with a little more time
  • S&P 500 indecisive at this juncture, last week’s high/low on watch
  • DAX, FTSE & Nikkei remain vulnerable to more weakness

Check out the DailyFX Top Trading Opportunities for 2018 on the DailyFX Trading Guides page.

Gold outlook remains indecisive still with key levels above & below

Gold continues to remain difficult as the 2013 trend-line keeps a lid on any advances it tries to make, with a weekly close above needed to consider it a breakout. On the down-side, however, there is support down near 1300 which keeps a floor in it. Trading is expected to remain broadly choppy in the near-term, with a resolution not yet in sight.

Gold Daily Chart

gold daily price chart

Crude oil coiling up with risk, a break should be in store with a little more time

The WTI crude oil contract is trading in-line with risk (80% 1-mo correlation to SPX), and with price action coiling up we may be nearing a one-way move soon. Watch the S&P 500 as it may help provide clues as to oil’s next move. The July slope continues to be a big focal point as the ‘line-in-the-sand’; stay above and the outlook is neutral to bullish, break below and a decline looks likely to find momentum.

WTI Crude Oil Daily Chart

US crude oil daily price chart

See how current positioning in various pairs could impact their next moves on the IG Client Sentiment page.

S&P 500 indecisive at this juncture, last week’s high/low on watch

The S&P 500 is coiling up as the price swings since the record high are becoming increasingly smaller. The market could drift sideways first, though, before making a break for it one way or another. Watch last week’s high/low at 2789/647 for directional cues.

A breakout above last week’s high will quickly bring the record high back into focus, while a break below the weekly low will likely spark jitters and more selling. A breakdown would put stress on the Feb 2016 trend-line and 200-day MA, which are in nearly exact alignment at this time.

S&P 500 Daily Chart

s&p 500 daily price chart

The FTSE, DAX, and Nikkei all remain vulnerable on dips in risk as their charts are all still pointed lower and the indices sitting a lot closer to recent swing lows than highs. The S&P may weaken or move sideways while this group of major global markets probes recent lows or worse.

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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.