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Dow Jones, Crude Oil, Gold Price Outlook & More

Dow Jones, Crude Oil, Gold Price Outlook & More

Paul Robinson, Strategist

The U.S. stock market remains on its heels with prices threatening to break the 200-day MAs; the Dow Jones is already trading below its long-term threshold. Crude oil bounced a bit off support level, but looks positioned to go the way of risk and continue lower. Gold is tight-roping the August trend-line with it battling bullish and bearish forces; something likely to give soon.

Technical Highlights:

  • Dow Jones looking to continue below support levels
  • Crude oil contracts bounced but looking lower
  • Gold price holding the August trend-line keeps it intact

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

Dow Jones looking to continue below support levels

The Dow Jones is on the verge of leaving behind the 200-day MA and breaking below the 25208 level. A hold today may keep the market up, but it appears this would only be temporary. The burden of proof is clearly on buyers at this juncture. Keep an eye on the S&P 500 as the 200-day is about to come into play and often times when it does volatility rises, which could make for some sharp intra-day moves for the remainder of the week.

Dow Jones Daily Chart (support under siege)

Dow Jones, Crude Oil, Gold Price Outlook & More

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

Crude oil contracts bounced but looking lower

WTI crude oil got a little bounce off minor confluent support which arrives by way of the top of a small consolidation back in Feb/March and a lower parallel connected to the April high. The bounce looks likely to be short-lived. A break of 57.19 is set to have sub-55 in play.

WTI Crude Oil Daily Chart (watch for support break)

Dow Jones, Crude Oil, Gold Price Outlook & More

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

Brent crude traded off last week to the Feb ’16 slope and lower parallel from the recent high in April. The bounce in Brent was stronger than in WTI, but nevertheless a lower-low appears likely to be nearing. A move towards 64, the bottom of the Feb/March range, could be in the works in the sessions ahead with a break of 67.13.

Brent Crude Oil Daily Chart (confluent support at risk of breaking)

Dow Jones, Crude Oil, Gold Price Outlook & More

Gold price holding the August trend-line keeps it intact

Gold isn’t sure what it wants to do here as it see-saws on the August trend-line. The trend off the February high is lower, but until gold breaks the August trend-line it will remain supported. A break below the trend-line, 1266, and the rising 200-day at 1260 could have significant bearish impact. However, as long as support holds, even if gold doesn’t look poised to rally, we must respect it.

Gold Price Daily Chart (holding onto Aug t-line)

Dow Jones, Crude Oil, Gold Price Outlook & More

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

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

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

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