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Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

2015-03-06 04:41:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Breaks Above Five-Month Range Resistance
  • S&P 500 Consolidating After Sinking to Two-Week Low
  • Crude Oil, Gold Continue to Stall at Technical Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke a five-week range to extend to the highest level in over six years. A daily close above the 23.6% Fibonacci expansion at 11965 exposes the 38.2% level at 12107. Alternatively, a turn below the 11854-78 area (March 2009 high, 14% Fib) clears the way for a test of the February 26 low at 11737.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

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 took out range support at 2101.40, with sellers now aiming to challenge the 23.6% Fibonacci retracement at 2086.40. A break below this barrier exposes the 38.2% level at 2066.00. Alternatively, a reversal back above 2101.40 aims for the February 25 high at 2119.40.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after descending to a two-month low below the $1200/oz figure. A break below the 23.6% Fibonacci expansion at 1194.94 exposes the 38.2% level at 1177.51. Alternatively, a rebound above the 1216.30-21.46 area marked by trend line support-turned-resistance and the 23.6% Fib retracement targets the 38.2% threshold at 1233.73.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now consolidating below February’s swing high. From here, a break below channel support at 60.50 exposes resistance-turned-support at 58.17. Alternatively, a close above the February 17 high at 62.98 exposes the 38.2% Fibonacci expansion at 64.58.

Gold and Crude Oil Stall at Chart Support, SPX 500 Digesting Losses

Daily Chart - Created Using FXCM Marketscope

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

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