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
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Join @ZabelinDimitri 's #webinar at 10:30 PM ET/2:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/grKVmisZm2
  • “Risk off” sentiment swept Asia-Pacific markets at open as the US national security officials said that Iran and Russia have both obtained information about American voters’ registrations and are trying to influence the public about the election. https://t.co/mIqt2zl2cd
  • Next week, Thursday will offer up the US 3Q GDP, ECB rate decision and a run of FAANG earnings (Facebook, Amazon, Apple, Google) and BOJ rate decision
  • The British Pound may fall if EU and UK negotiators fail to reach a consensus as the December 31 deadline nears. The third presidential debate is on deck, how might markets react? Find out from @ZabelinDimitri here:https://t.co/kDSYzBDA3t https://t.co/Vebt5lNvym
  • “National security officials on Wednesday announced that Iran and Russia have obtained swaths of voter registration information that could support their efforts to interfere in the 2020 presidential election” - Politico
  • Market Snapshot #SP500 and #ASX200 futures sliding lower after the US government stated that Iran and Russia have been attempting to interfere in the #USPresidentialElections2020 The risk-sensitive $AUDUSD losing ground while the 'safe haven' $JPY and $USD gain ground https://t.co/M0FUCc2vjx
  • 🇯🇵 Foreign Bond Investment (17/OCT) Actual: ¥419.8B Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
  • FBI to make an announcement on a ‘major election security’ issue shortly - CNBC
  • US Director Of National Intelligence Radcliffe: Identified Russia, Iran Have Taken Action To Interfere With Election
  • Heads Up:🇯🇵 Foreign Bond Investment (17/OCT) due at 23:50 GMT (15min) Previous: ¥1946.5B https://www.dailyfx.com/economic-calendar#2020-10-21
Dow Jones, DAX, Crude Oil, Gold Price Charts & More

Dow Jones, DAX, Crude Oil, Gold Price Charts & More

2019-08-07 11:35:00
Paul Robinson, Strategist
Share:

Global stock markets are hitting on important support levels and this has them at least positioned for an oversold bounce, but how the retracement unfolds will help determine whether more weakness is to follow. Crude oil is in a precarious position right here, especially the Brent contract. Gold is launching into 2013 levels, a pullback to support may offer traders a nice dip opportunity.

Technical Highlights:

  • Dow Jones, DAX hit important support levels
  • Crude oil continues to look vulnerable
  • Gold price strong, watching for pullback to support

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

Dow Jones, DAX hit important support levels

The Dow Jones tagged the 200-day on Monday, which is so far helping give it a boost. How the rally plays out could be quite telling in the days ahead. A sloppy bounce marked by a lot of overlapping price action or a quick jab higher and immediate failure will suggest it is only a correction and have another sell-off in focus.

Dow Jones Daily Chart (coming off 200-day)

Dow Jones, DAX, Crude Oil, Gold Price Charts & More

The DAX also hit its 200-day, actually closed just below it yesterday along with support from early June. A bounce from here could help bring life into a head-and-shoulders pattern, but that is only a loose scenario at the moment; first need to bounce and then fail back through the neckline for it to come fully to life. For now, a bounce at the least looks likely.

DAX Daily Chart (coming from just beneath support

Dow Jones, DAX, Crude Oil, Gold Price Charts & More

Crude oil continues to look vulnerable

The WTI contract is hanging precariously on the trend-line from the December low. A break below will have in focus the June low near 50.50, where it made a small double-bottom.

WTI Crude oil Chart (December trend-line at risk of breaking soon)

Dow Jones, DAX, Crude Oil, Gold Price Charts & More

Brent crude is weaker than WTI, already trading below the December trend-line and June low. Continued weakness will have trend-lines from 2016 in focus near the mid to lower-50s.

Brent Crude oil Chart (2016 t-lines next?)

Dow Jones, DAX, Crude Oil, Gold Price Charts & More

Gold price strong, watching for pullback to support

Gold broke out above the upper parallel yesterday, positioning it for higher prices. A solid pullback opportunity could soon arise with a decline to the upper parallel. A hold of this once resistance turned support could set up well for taking advantage of a move to the lows from 2011/12 in the 1520/40s region.

Gold Price Chart (watch pullback to support)

Dow Jones, DAX, Crude Oil, Gold Price Charts & 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