Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Gold Drops Below 1200 Anew, SPX 500 Threatens 2-Month Uptrend

Gold Drops Below 1200 Anew, SPX 500 Threatens 2-Month Uptrend

Talking Points:

  • US Dollar Continues to Push Upward, Setting Monthly High
  • S&P 500 Declines to Challenge Two-Month Uptrend Support
  • Gold Drops Below $1200/oz, Crude Oil Back at Range Floor

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices re-accelerated upward, advancing to the highest level in a month. Near-term resistance is at 11960, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 12037. Alternatively, a turn back below the 50% Fib at 11898 clears the way for a test of the 38.2% retracement at 11836.

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices turned sharply lower, moving to challenge the rising trend in place since mid-March. A daily close below the 38.2% Fibonacci retracement at 2100.00 exposes the 50% level at 2088.60. Alternatively, a move above the 23.6% Fib at 2114.20 targets the 14.6% retracement at 2122.90.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices accelerated downward anew, with sellers claiming a foothold below the $1200/oz figure. A close below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1169.31. Alternatively, a rebound above the 23.6% level at 1193.38 targets trend line support-turned-resistance at 1204.98.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices remain locked in a choppy consolidation range below the $70/barrel figure. A daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above trend line resistance at 66.40 targets the May 6 high at 69.60.

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES