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  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/eH0ip2fNdS
  • 💶 Marginal Lending Rate Actual: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-10-28
  • 💶 Deposit Facility Rate Actual: -0.5% Expected: -0.5% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2021-10-28
  • Heads Up:🇩🇪 Inflation Rate MoM Prel (OCT) due at 12:00 GMT (15min) Expected: 0.5% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-10-28
  • Heads Up:🇩🇪 Inflation Rate YoY Prel (OCT) due at 12:00 GMT (15min) Expected: 4.4% Previous: 4.1% https://www.dailyfx.com/economic-calendar#2021-10-28
  • 💶 ECB Interest Rate Decision Actual: 0.0% Expected: 0% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-10-28
  • Heads Up:💶 Deposit Facility Rate due at 11:45 GMT (15min) Expected: -0.5% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2021-10-28
  • Heads Up:💶 Marginal Lending Rate due at 11:45 GMT (15min) Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-10-28
  • Heads Up:💶 ECB Interest Rate Decision due at 11:45 GMT (15min) Expected: 0% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-10-28
  • 🇪🇸 Business Confidence (OCT) Actual: 4.4 Previous: 2.2 https://www.dailyfx.com/economic-calendar#2021-10-28
Dow Jones, Gold, Oil Tech Outlook & More

Dow Jones, Gold, Oil Tech Outlook & More

Paul Robinson, Strategist

The US stock market continues to run with lots of strength, the Dow and S&P don’t have any great technicals to lean on, but the Nasdaq, as discussed this morning, is quickly arriving at an interesting cross-road. At this time fresh longs don’t hold real appealing risk/reward; however, shorts hold even less in the absence of bearish price action.

Gold is holding its own as price action coils up in the context of a bullish trend. It might not be too much longer before it tries to make another run out of a triangle formation. If it does it could finally get gold into open space and string together a run to 1700+ in the not too distant future. If weakness comes in, look for the 1536/May trend-line to act as support.

Gold Daily Chart (coiling up nicely in uptrend)

Gold daily chart, coiling up nicely in uptrend

Gold Chart by TradingView

Crude Oil is still a mess in the absence of buyers. It might remain this way for a bit longer, at this time there seems to be muted interest after the plunge on the coronavirus. Copper which also plunged at the same time is trying to mount a comeback, and with stocks at highs, it certainly is worth the consideration that further selling might be around the bend. For more, check out the Monday piece on crude oil.

To see all the charts we looked at, check out the video above…

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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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