News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • #2020election polls continue to show Democratic nominee Joe Biden maintaining a strong lead #Trump Supreme Court nomination may throw a wrench into bipartisan stimulus talks #AUDUSD is trading at former resistance-turned-support. What happens if it breaks? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/27/AUDUSD-Analysis-Ahead-of-Presidential-Debate-Supreme-Court-Nominee-Battle-.html
  • USD/MXN pushes higher as a long-awaited correction in the US Dollar gets underway. Get your #currencies update from @HathornSabin here: https://t.co/QMpun4KOgO https://t.co/KAYojshy0P
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/KXMefr6a3r
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/5FwNLSVYje
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX! https://t.co/lxd5fZnn4H
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here: https://t.co/BxglKuKVhj https://t.co/8nJQXhUTHI
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/26/SP-500-Break-Risk-and-Dollar-Charge-Sees-Accelerants-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/PL3KZhn1HV
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here: https://t.co/WjU4oYpmf7 https://t.co/QJp3jpS3Ui
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/ukvZfr6BXf
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows https://t.co/bBYcLrtXhj
Dow Jones, DAX, Gold Price Technical Analysis & More

Dow Jones, DAX, Gold Price Technical Analysis & More

2019-07-24 11:30:00
Paul Robinson, Strategist
Share:

The Dow Jones is turning towards a breakout but still need to be mindful of a longer-term top-side trend-line that could prove problematic. The DAX is also positioned for higher prices as the pullback proved constructive. Turning to gold, it is holding onto support but precariously so; keep any eye on how it plays out next day or so as it could be of high importance for the foreseeable future.

Technical Highlights:

  • Dow Jones acting well, but watch longer-term top-side t-line
  • DAX broke out from healthy pullback formation
  • Gold is trying to up from support, next few days could be important

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

Dow Jones acting well, but watch longer-term top-side t-line

The Dow is holding up well so far, but has a meaningful top-side trend-line extending over from the January 2018 peak to contend with. The new high recently brings into play a long-term topping pattern known as a Reverse Symmetrical Triangle (RST) or Megaphone pattern (marked by higher-highs, lower-lows), but not meaningful for shorts until the near-term tone and trend align with it. For now, respecting the upward trend with one eye on potential for a major reversal.

Dow Jones Daily Chart (strong but at top-side t-line resistance)

Dow Jones, DAX, Gold Price Technical Analysis & More

DAX broke out from healthy pullback formation

The DAX had a nice, gradual pullback from the July high in play. Yesterday’s pop through the top-side of the bull-flag pattern sets into motion a move to the monthly high at 12656. Should at least get to that point, with a new high seen as having a good likelihood. Keep in mind tomorrow is the ECB meeting and it could get interesting, so be mindful of how this may impact current positions and/or ideas.

DAX Daily Chart (looking for new highs soon…)

Dow Jones, DAX, Gold Price Technical Analysis & More

Gold is trying to up from support, next few days could be important

Gold is at a meaningful spot given it is testing the recent triangle breakout and trend-line from late-May. A hold here will keep it aimed upward. However, a break below the under-side trend-line of the pattern would make for a failed pattern and those can lead to strong reversals as buyers are caught leaning the wrong way. For now, giving support and trend the benefit of the doubt before thinking about a reversal event.

Gold Price 4-hr Chart (at confluence of support)

Dow Jones, DAX, Gold Price Technical Analysis & More

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.

DISCLOSURES