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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Drifting Upward Toward Recent Range Top
  • S&P 500 Aiming Higher After Chart Resistance Break
  • Gold Technical Positioning Hints at a Bounce Ahead

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

US DOLLAR TECHNICAL ANALYSISPrices are still trading sideways in a choppy range below resistance at 10595, the 38.2% Fibonacci retracement. A push through initial support in the 10495-500 area, marked by the 38.2% Fib expansion and the March 19 low, targets the 50% level at 10470. Alternatively, a turn back above resistance exposes the 50% Fib retracement at 10626.

Gold-Chart-Setup-Hints-at-Bounce-Ahead-US-Dollar-Drifting-to-Range-Top_body_Picture_5.png, Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

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 broke through the top of a Triangle chart pattern and cleared resistance in the 1888.00-60 area, marked by the March 7 high and the 38.2% Fibonacci expansion. Buyers now aim to challenge the 50% level at 1905.80, with a further push above that eyeing the 61.8% Fib at 1923.50. Alternatively, a turn back below 1888.00 clears a path to retest the Triangle top, now at 1868.90.

Gold-Chart-Setup-Hints-at-Bounce-Ahead-US-Dollar-Drifting-to-Range-Top_body_Picture_6.png, Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower expected but a Bullish Engulfing candlestick pattern above support at 1273.88, the 38.2% Fibonacci expansion, now hints a bounce may be ahead. Near-term resistance is at 1319.01, the 23.6% level, with a break above that aiming for trend line support-turned-resistance at 1357.12. Alternatively, a reversal below support eyes the 50% Fib at 1237.40.

Gold-Chart-Setup-Hints-at-Bounce-Ahead-US-Dollar-Drifting-to-Range-Top_body_Picture_7.png, Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance at 100.64, the 23.6% Fibonacci expansion, with a break above that targeting the 102.21-68 area marked by the March 28 high and the 38.2% level. Trend line support is now at 99.31, followed by the April 2 low at 98.84.

Gold-Chart-Setup-Hints-at-Bounce-Ahead-US-Dollar-Drifting-to-Range-Top_body_Picture_8.png, Gold Chart Setup Hints at Bounce Ahead, US Dollar Drifting to Range Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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