Gold Price, Crude Oil, Dow Jones Technical Outlook & More
In today’s webinar we discussed the outlook for the price of gold, and how it continues to be quiet as it works itself further into a developing bull-flag formation. There could be more work on the downside for now, though, before the formation fully forms and officially triggers. At some point it is anticipated to do-so and break through resistance up to 1575 created during the 2011-12 topping process.
Crude oil is of interest here in the short-term, as it has a pretty clear lower trend-line keeping it support for now. But with the general trading bias negative, this line isn’t seen as holding for much longer. A breakdown could finally get WTI oil down to the 2016 trend-line. Here is one of the oil charts we took a look at in the webinar.
WTI Crude Oil Hourly Chart (Watch lower trend-line support, 52.78)
U.S. stocks continue to bobble around within the confines of a developing wedge formation for the S&P 500 and Dow Jones indices. For now, the outlook is neutral, and we will need to wait for an eventual breakout before getting too excited about either side of the tape.
For the full set of technical details and charts, check out the video above…
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---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.