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Trading Outlook for Gold Price, Crude Oil, Dow Jones, DAX & More

Trading Outlook for Gold Price, Crude Oil, Dow Jones, DAX & More

Paul Robinson, Strategist

Gold has been quiet lately, but we could soon see a probe of the multi-tested November trend-line, an important ‘line-in-the-sand.’ Crude oil got dinged and is in the process of having its surge off the December low put to the test, may fail if ‘risk trade’ turns south as it looks like it may. The Dow Jones along with its gang of U.S. indices hit and is trying to turn off resistance, watch how selling develops in the days ahead. The DAX is at even bigger resistance.

Technical Highlights:

  • Gold to test November trend-line post weekly rejection
  • Crude oil could weaken some more with ‘risk trade’
  • Dow Jones turning off resistance with other U.S. indices
  • DAX has confluence of big resistance, looking to turn lower

Check out our Trading Forecasts and Educational Resources on the DailyFX Trading Guides page.

Gold to test November trend-line post weekly rejection

Gold is backing down off long-term resistance towards an important intermediate-term threshold – the November trend-line. A hold of this line will be needed to keep gold pointed higher. A break will confirm last week’s reversal from long-term resistance and keep price well contained in the big-picture wedge forming.

Gold Daily Chart (Nov t-line)

Gold daily chart, Nov t-line

For an intermediate-term fundamental and technical outlook check out the Gold Forecast

Crude oil could weaken some more with ‘risk trade’

WTI crude oil backed off a bit and is trying to hold a bid now, but if the ‘risk trade’ turns lower will force then that is likely to not remain the case. Stocks (see below) look poised for selling given resistance levels and if hitting bids becomes aggressive look for similar to develop in oil. Trend-line support off the low is minor at this point, but worth noting.

WTI Crude oil Daily Chart (May come under fire)

WTI crude oil daily chart

For an intermediate-term fundamental and technical outlook check out the Crude Oil Forecast

Dow Jones turning off resistance with other U.S. indices

The Dow Jones hit the 26k-area alongside the S&P 500 hitting its important resistance zone just above 2800. This has U.S. markets at risk of reversing back lower. The Dow has a solid upward channel in place that will first have to be undermined if it is to trade off in a meaningful way. Risk is high at this time we see a material test of the rally off the December low.

Dow Jones Daily Chart (26k-area, channel in focus)

Dow Jones Daily Chart, 26k-area, channel in focus

For an intermediate-term fundamental and technical outlook check out the Global Equities Forecast

DAX has confluence of big resistance, looking to turn lower

The DAX is at a big intersection of resistance. The neckline of the head-and-shoulders dating back to 2017 and the June trend-line both arrive in the current vicinity. On a rougher weekly basis, the 2011 trend-line is also passing through the area. From a macro standpoint this may turn out to be a very important point in time. First up on a dip lower for short-term traders is the tend-line off the December low.

DAX Daily Chart (Cross-roads of resistance)

DAX daily chart, cross-roads of resistance

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, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

http://bit.ly/2BURlqV

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

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