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Chart Signals: Gold and Oil break down while Australia 200 breaks out

Gold and WTI crude oil have come under pressure today, particularly the yellow metal which has dropped back to test moving average and Fibonacci cluster support. Indices have been picking up with the Australia 200 breaking out along with the US NDAQ 100.

Asia Pacific Indices

Australia 200 is breaking out today, clearing 5,950 and advancing on 5,960. RSI sending mixed signals between a rising trend but a negative divergence. Initial resistance possible near 6,000 then a measured 6,100. 

Japan 225 continues to climb, rallying up off of 19,160 support up through 19,300 and on toward 19,355. Next potential resistance appears near 19,500 then 19,695. Rising RSI indicates upward momentum increasing. 

Hong Kong 50 is still struggling with resistance near 24,650 which could end in a big breakout or a double top. Initial resistance appears near 24,750 then the 25,000 big round number. RSI suggests upward momentum levelling off. Initial correction support possible near 24,500.  

North American and European Indices

US 30 tried to rebound to start the week but didn’t get very far, remaining below 21,000 and keeping a double top near 21,130 intact. RSI topping at a lower high and turning downward indicates upward momentum weakening. Next support possible near 20,880 then the 50-day average near 20,760. 

US SPX 500 continues to form a double top with the index stuck below 2,400 resistance. Initial support appears near 2,370 then the 50-day average near 2,362. 

US NDAQ 100 is breaking out today, clearing 5,600 to trade at a new all-time high. RSI is really overbought but still confirming increasing upward momentum. Next measured resistance possible near 5,660 then 5,800. 

UK 100 is closed for a holiday. 

Germany 30 is closed for a holiday. 


Gold is breaking down today with the RSI falling under 50 signalling a downturn in momentum. The price took out $1,260 dropping into its next support zone in the $1,250-$1,255 area near moving averages and Fibonacci levels. The 50 and 200-day averages are still approaching a golden cross indicating its underlying uptrend remains intact for now. 

Crude Oil WTI is trying to stabilize following a selloff. A hammer candle down toward $48.00 appears to have put a bottom in place while flat RSI indicates downward pressure easing. That being said, distribution continues with resistance falling toward $48.90 from $49.40 and the price near $348.55. Next downside support possible near $47.70 a Fibonacci level. 


US Dollar Index is still bouncing around between 98.60 and 99.20 trading recently near 98.90. RSI under 50 and falling suggests this is more likely a pause within a bigger downtrend than a double bottom. Next potential support on a breakdown near a measured 98.00. 

EURUSD is sitting on $1.0900 as it continues to consolidate recent gains between $1.0845 and $1.0945. 

GBPUSD is consolidating its recent rally and working off an overbought RSI between $1.2900 and $1.2940. It appears to be preparing to mount an assault on $1.3000 round number resistance as support rises up from $1.2840. 

NZDUSD seems to be starting to turn back upward regaining $0.6900 as it rallies up off of $0.6850 support. RSI also indicates downward pressure starting to ease. It still faces significant potential resistance near the $0.7000 round number and its 50-day average.  

AUDUSD is starting to climb again as it rallies up out of Fibonacci cluster support near $0.7440 up through the $0.7500 round number and on toward $0.7535. RSI still needs to regain 50, however, to confirm the upturn. Next potential resistance appears at the 200-day average near $0.7555 then the 50-day average near $0.7590 also a Fibonacci test. 

USDSGD is sitting is 200-day average near $1.3960 as it continues to trend sideways between $1.3900 and $1.4000. RSI steady under 50 suggests this may be a pause within a bigger downtrend. 

USDJPY is sitting on its 50-day average near 111.80 and appears to be levelling off between 111.00 and 112.00 within a Fibonacci range of 110.65 to 112.15. Rising RSI indicates upward momentum still increasing. 

GBPJPY remains under accumulation but the pace of gains is starting to slow as it approaches 145.00 channel resistance where it peaked back in January. An overbought RSI suggests the potential for a correction with initial support possible near 143.55 then 142.50.  Next resistance on a breakout possible near 146.00.  

EURJPY is still bumping up against resistance near 122.00 with more possible in the 123.00 to 124.10 area near the top of its six month trading range. RSI near overbought suggests potential for a pause or correction with initial support possible near 121.30 then 120.50. 

USDCAD has encountered resistance near $1.3700 and has dropped back into the $1.3640 to $1.3680 area. It’s too soon to tell if this is a pause or a peak but an overbought RSI suggests potential for a correction with next potential support in the $1.3570 to $1.3600 zone. 

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