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.

Free Trading Guides
EUR/USD
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
Bullish
USD/JPY
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
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • $GBPUSD estimated to fluctuate between 1.3252-1.3102 with a 68% statistical probability today judging by the latest overnight implied volatility derived from forex options contracts https://t.co/hGQbyR3hUI https://t.co/St2VWSlbww
  • Join @JStanleyFX 's #webinar at 1:00 PM ET/6:00 PM GMT for his weekly update on trading price action. Register here: https://t.co/yu1uNFb2tm https://t.co/d1bnmoDZvR
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: France 40: 0.10% Germany 30: 0.06% US 500: 0.03% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/il7RSNv4zV
  • German Bund Yields Update: 2-Year: -0.653% 3-Year: -0.666% 5-Year: -0.564% 7-Year: -0.493% 10-Year: -0.299% 30-Year: 0.224%
  • #Euro Price Outlook: $EURUSD Battle Lines Drawn ahead of #FOMC - https://t.co/cy7UwdBgUB https://t.co/K824jkyyEB
  • $USDCHF sets a fresh seven week low amid a softening US dollar https://t.co/miSi3Wba87
  • Kudlow: - Next G7 to focus on solving global economic slowdown
  • Kudlow: - US is doing well amid a global slowdown - Central banks should worry more about providing ample liquidity than controlling rates
  • Eyes on the final YouGov MRP Poll at 2200GMT YouGov Nov 27th - Con: 359 - Labour: 211 - SNP: 43 - Lib Dems: 13 Datapraxis Dec 7th - Con: 344 - Labour: 221 - SNP: 47 - Lib Dems: 12 Bookmaker: Sporting Index - Con: 340-346 - Labour: 215-221 - SNP: 43-45 - Lib Dems: 17-21
  • Update on #Cryptocurrencies (24H Change) #BITCOIN -2.88% #BITCOINCASH -2.44% #ETHEREUM -2.17% #RIPPLE -2.24% #LITECOIN -1.58%
Technical Outlook for Gold Price, Crude Oil, DAX, Nasdaq 100 & More

Technical Outlook for Gold Price, Crude Oil, DAX, Nasdaq 100 & More

2018-09-11 11:00:00
Paul Robinson, Currency Strategist
Share:

Gold price has potential to go either way right now, a couple of different chart configurations could be in the works. Crude oil in the near-term is a difficult handle, but could be in the process of carving out a broader bearish formation. The DAX is between levels, more selling is favored towards big long-term support, while the Nasdaq 100 hangs precariously on the edge of a chart pattern under construction since early this year.

Technical Highlights:

  • Gold price stabilizing, two chart patterns to watch
  • Crude oil tough in near-term, big-picture top in the works?
  • DAX looks heading lower towards big support test
  • Nasdaq 100 hangs precariously as rising wedge nearly triggered

See how the majority of traders are positioned in various markets/currencies and what it says about future price fluctuations – IG Client Sentiment

Gold price stabilizing, two chart patterns to watch

Gold is stabilizing at the moment, but has two potential chart patterns. The head-and-shoulders possibility, if the neckline is broken, will of course have bearish implications. The wedge scenario could go either way, however; it is seen as more probable to lead to another leg higher.

In any event, we have signposts to help guide us. If the neckline is broken and 1189 taken out, then the path of least resistance is lower. If, however, a matured wedge comes into play we will run with whatever direction the eventual breakout points to.

Gold Price 4-hr Chart (H&S or Wedge?)

Gold 4-hr chart, head-and-shoulders or wedge?

See what is driving Gold in the Quarterly Report

Crude oil tough in near-term, big-picture top in the works?

Crude oil hasn’t been the easiest handle in the short-term, but could carve out a rather significant top with a little more weakness. WTI is currently testing the July 2017 slope, and will remain support for as long as it holds, which offers ‘would-be’ longs good risk/reward at this juncture.

A break of the slope will quickly bring into play the June 2017 trend-line and 200-day MA. If the prior levels/lines break, then the big-picture head-and-shoulders becomes a serious consideration. For now, though, oil is well supported with three degrees to hang on to.

Crude Oil Daily Chart (Slope/t-line support, H&S potential if breaks)

Crude oil daily chart, has support at feet but if breaks then H&S potential grows

What is driving Crude Oil this quarter? See the Quarterly Report for details.

DAX looks heading lower towards big support test

As we discussed this morning, the DAX is set up to trade lower and test big support down in the 11726/600-area. With the 12104 level and descending wedge-break in the rear-view mirror, the path of least resistance towards a big support test favors short-sellers. Should we get down to the neckline of the broad head-and-shoulders formation we’ll discuss it in further detail.

DAX Daily Chart (Between levels, big support test looks next)

DAX daily chart, trading between levels, big support text looks next

Nasdaq 100 hangs precariously as rising wedge nearly triggered

The Nasdaq 100 is teetering on the edge of a large rising wedge. As we discussed last week, if the market-leader-led index starts to break down out of this broad topping pattern, bad things are likely to happen not only in the U.S. but across the globe as well.

A break below 7312 will confirm not only the wedge but also cement a lower low for the first time since the rise out of the April low. Given the nature of these patterns, a sharp break would likely unfold at that point.

Nasdaq 100 Daily Chart (Rising wedge)

Nasdaq 100 daily chart, teetering on brink of dropping out of rising wedge

Check out what is driving global equities in our Quarterly Report

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has 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

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

News & Analysis at your fingertips.