DAX – Record high is within reach
From a technical point of view, the DAX has been treading water for a few weeks. In the last few trading days, there were two days when volatility increased significantly. Friday was particularly noticeable. Here the index was able to increase significantly and close in the area of the most recent top. The indicators were not yet in the oversold area, but turned up again in the neutral area. The seasonality does not yet give the all-clear and indicates a balanced relationship between positive and negative years in the coming weeks. Nevertheless, the chance of reaching the previous record high should not be underestimated.
Dow Jones – just caught up
The leading US index recently failed again in the area of a meanwhile established resistance zone. The recent move lower could have resulted in a pronounced trend down. With the upward movement on Friday, however, this danger should now have been averted. In addition, the indicators have just given buy signals or are about to do so. This at least allows the resistance to be tested again.
Gold – a new record high in the short term
Depending on which chart provider you look at, gold has hit a new record high at between 2,080 and 2,090. However, this could not be maintained for long. In the course of trading, however, the record level was broken again. Nevertheless, the precious metal is of course still at a high level. At the end of the week, the popular parallel currency gave way again, but was able to hold above the 2,000 mark and above the old resistance. Overall, the situation for gold continues to look promising.
Euro – Actual is that a wedge, or is resistance more important?
Euro/USD
The euro has established latent resistance in the $1.10 area. This has recently been exceeded and fallen below several times. In this phase, a wedge has formed, but it is quite small. Such upward wedges often resolve to the downside. Combined with resistance, this could mean that a move down could be imminent. The indicators do not help with the assessment, as they are in the neutral area.
Oil – downtrend now overriding.
Oil North Sea Brent Futures (linked)
Unfortunately, I have to emphasize it again and again at this point. When oil prices rise, gas station operators are very quick to raise prices. During a price slump, as was observed at the end of last week, very little has happened at the pumps. Technical analysis once again has something special in store for the current situation. Most recently, an intraday sentiment reversal was generated that represented a hammer. This hammer was confirmed on Friday’s bullish move. The start of the week should therefore be characterized by rising prices.
What Charts: ProRealTime.com
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