THE TAKEAWAY: The US Dollar is probing above near-term resistance as the S&P 500 nears completion of a bearish chart formation that would open the door to a larger selloff.
S&P 500 – Prices continue to push lower after completing a bearish Evening Doji Star candlestick pattern identified last week, taking out initial support at 1363.90 to expose the 1334.40-41.90 area. A daily close below this boundary confirms a Rising Wedge bearish chart formation, opening the door for a larger downward reversal. A Spinning Top candle at support hints at indecision and suggests a bounce may materialize before a support break. The 1363.90 level has been recast as near-term resistance.

Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL – Prices are consolidating above support at 84.14, the 23.6% Fibonacci retracement. Near-term resistance is at 88.40, the 38.2% level, with a break above that exposing the 90.00 figure. Alternatively, a breach of support targets the 81.19-52 area marked by the June 4 low and the 14.6% retracement.

Daily Chart - Created Using FXCM Marketscope 2.0
GOLD – Prices broke support at 1575.81, the 38.2%Fibonacci expansion, after putting in a bearish Evening Star candlestick pattern below falling trend line resistance set from late March. Sellers now aim to challenge the 50% Fib at 1555.61, with a break below that exposing the trend-defining 1522.50-32.45 area. The 1575.81 level has been recast as near-term resistance.

Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR – Prices are testing above resistance at 10174, the 50% Fibonacci retracement, after taking out falling trend lineresistance set from late May. A break higher initially exposes targets the 61.8% level at 10209. Near-term support is marked by the trend line and reinforced by the 38.2% Fib at 10139.

Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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