Never miss a story from Paul Robinson

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Paul Robinson

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Gold is trading at strong resistance and will need a good surge of buyers to push it through, price levels favor sellers for now. Crude oil is hanging out around a pair of support lines, 200-day included, if stocks keep selling off as they look like they could then more problems likely ahead for oil. Global stocks are showing some signs of further deterioration ahead, S&P 500 and DAX looking lower.

Technical Highlights:

  • Gold price trading at significant amounts of resistance
  • Crude oil bounce off support at risk of failing
  • S&P rising wedge broke, DAX looking toward t-line support

Make more informed decisions by checking out our trading forecasts and educational resources on the DailyFX Trading Guides page.

Gold price trading at significant amounts of resistance

Gold has become a tough handle lately with it bouncing around between support (August t-line) and resistance (bottom of wedge, soon t-line off Feb high). The ranging activity in-line with the general trend since the Feb high still favors lower prices at some point. However, until we see a drop below the August trend-line and pair of lows at 1266, the downside will be contained. A drop below 1266 should usher in some momentum for traders to feed on. A break above the top-side trend-line off the descending wedge may spark a bit of buying up to around 1310.

Gold Price Daily Chart (resistance, range)

Gold price daily chart, resistance/range

Check out the Q2 Gold Forecast for the intermediate-term fundamental and technical outlook.

Crude oil bounce off support at risk of failing

On Monday, crude oil sold off with stocks and rebounded sharply from a confluence of support by way of the 200-day and rising slope from earlier this year. The reversal, however, is now at risk of breaking just as stocks did. A drop through the 59.98 low on Monday should have seller regaining control again. If the rising wedge in the S&P 500 continues to keep pressure on stocks then risk-off will help further a bearish trading bias.

Check out the Q2 Crude Oil Forecast for the intermediate-term fundamental and technical outlook.

Crude Oil Daily Chart (watch reversal-day low)

crude oil daily chart, watch reversal-day low

S&P rising wedge broke, DAX looking toward t-line support

As discussed earlier today, the convincing break out of the rising wedge has U.S. stocks on their heels. A decline to the 200-day around 2775, bottom of wedge at 2722 looks to be in the cards.

S&P 500 Daily Chart (broken rising wedge)

S&P 500 daily chart, broken rising wedge

Check out the Q2 Equities Forecast for the intermediate-term fundamental and technical outlook.

The DAX was hammered yesterday and on that with U.S. stocks rolling downhill, bounces look like selling opportunities. It looks reasonable to target the rising underside channel line down in the vicinity of 11850/800. This could also have the April 3 gap tested and possibly filled as well down to 11754. It will take some work and time to turn the picture back to the upside

DAX Daily Chart (looking for lower channel line)

DAX daily chart, looking for lower channel line

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