What can we expect from trading Gold, Crude, DAX, Dow, ES, and NQ markets this week? Remember to CLICK on the chart to expand it.
Trading Gold, Crude, DAX, Dow, ES, and NQ Markets – Technical Analysis
Notice the 3 rectangle boxes. Right now Gold is at an area of resistance. Typical behavior would be for it to come back to find an area of support. This could be either the average true range stop (it’s moving up towards price) or the red line with the rectangular box. With the ADX at 72.81, I would be looking for price to come down, find support and then depending on the volume, it may go up again.
In order for Crude to go up, it will need to break the first red line and then test it for support (or the ATR Stop if it is flipped to blue). Until that occurs, noting but shorts.
I would expect the ES to test the double red lines (middle rectangular box). If sellers come in strong, I would expect it to go to 2010. If sellers diminish in this area, we could see a retest of the 2045 area again.
I would anticipate the Dow to test the 17525 area and see what the volume does in this area. If sellers are still strong it will break this area and then retest before hitting 17400. If sellers diminish in this area, we could see another test of 17759.
I expect a retest of both of the rectangular boxes below price. Notice that if this occurs, it is going into a double area of potential support (one day of no trading more than likely). Then it will retest the 4195 area and we would need to see if buyers step in.
It would not surprise me to see the DAX test the 9751.3 area and, if no buyers come in, we will go to around the 9550 area.