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Crude Oil Hits 3-Week High, Gold Selloff Continues

Crude Oil Hits 3-Week High, Gold Selloff Continues

2014-03-28 07:11:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Looking for a Lifeline at Monthly Swing Bottom
  • S&P 500 Forming Triangle Setup Below March Swing Top
  • Crude Oil Hits 3-Week High, Gold Continues Downward

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

US DOLLAR TECHNICAL ANALYSISPrices continue to oscillate in a choppy range below resistance at 10595, the 38.2% Fibonacci retracement. A break below near-term support in the 10495-500 area, marked by the 38.2% Fib expansion and the March 19 low, exposes the 50% mark at 10470. Alternatively, a reversal above resistance aims for the 50% Fib retracement at 10626.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_5.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

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

S&P 500 TECHNICAL ANALYSIS – Prices remain in consolidation mode above support is in the 1847.90-53.00 area, marked by the 23.6% Fibonacci expansion, the December 31 close, and the bottom of an emerging Triangle chart formation. A break downward targets the 38.2% level at 1831.00. Alternatively, a push above downward-sloping resistance at 1873.60 aims for the March 7 high at 1888.60.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_6.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices reversed downward as expected after putting in a Bearish Engulfing candlestick pattern. A break below the 23.6% Fibonacci expansion at 1319.01 has exposed the 38.2% level at 1273.88, with a further move below that eyeing the 50% Fib at 1237.40. Alternatively, a reversal back above 1319.01 aims for trend line support-turned-resistance is now at 1349.13.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_7.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are pushing higher as expected after putting in a bullish Morning Star candlestick pattern. A break above resistance at 100.83, the 23.6% Fibonacci expansion, has exposed the 38.2% level at 102.87. Pushing further above that aims for the 50% Fib at 104.52. Alternatively, a move back below 100.83 exposes the 14.6% expansion at 99.57.

Crude-Oil-Hits-3-Week-High-Gold-Selloff-Continues_body_Picture_8.png, Crude Oil Hits 3-Week High, Gold Selloff Continues

Daily Chart - Created Using FXCM Marketscope 2.0

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

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