Gold (XAUUSD) Heading for All-Time Highs. DAX and S&P 500 at Old Support.

Welcome to this week’s Market Blast Technicals.

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I’m Brad Alexander and on behalf of Valutrades, today we will look at Gold (XAUUSD), WTI (USOil), the DAX (DE40), the S&P 500 (US500) and USDRUB.

Normally, in our Tuesday video, we look at opportunities based on technical analysis.

During times like these, however, with a major geopolitical event taking place, and global economic sanctions against one of the world’s major producers of gas and oil, the markets are driven in an unpredictable manner.

So, be careful!

These sanctions against Russia are dramatically affecting its currency with the Ruble worth roughly half of its value from just weeks ago, with huge gaps in price action.

Global stock indices tried to recover in the last 2 weeks, but we can see price action like this on the S&P 500 approaching a key level of support.

Of course, European equities are suffering even more and this daily chart on the DAX illustrates the huge fall into this level of support from September of 2020.

We have to look at the weekly chart on Gold to see the last highs from the summer of 2020.

With the war on Ukraine showing no sign of ending, we might just reach this level of price action.

Of course, we have to talk about Crude Oil with the US threatening to ban Russian Oil.

The price gap from the weekend was filled yesterday but both WTI and Brent Crude are getting more expensive.

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