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Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Eyes March Low Amid Steady Selling Pressure
  • S&P 500 Suffers the Worst Losing Streak in Two Months
  • Crude Oil Flirts with Breakout, Gold Correction Continues

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

US DOLLAR TECHNICAL ANALYSISPrices are edging lower within the confines of a falling channel.Near-term support is in the 10495-500 area, marked by the 38.2% Fibonacci expansion and the March 19 low. A break below this boundary aims for the channel bottom at 10487, followed by the 50% level at 10470. Alternatively, a push above the channel top at 10573 aims for the 38.2% Fib retracement at 10595.

Gold-Bounce-Continues-SPX-500-Sees-Worst-Losing-Streak-in-Two-Months_body_Picture_5.png, Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

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 recoiled downward having found resistance below the 1900.00 figure to test rising channel support set from mid-February, now at 1845.20. A break below that initially targets the 38.2% Fibonacci retracement at 1837.50, followed by the 50% level at 1818.50. Channel top resistance is now at 1894.50.

Gold-Bounce-Continues-SPX-500-Sees-Worst-Losing-Streak-in-Two-Months_body_Picture_6.png, Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern. Buyers are testing resistance at 1308.11, the 14.6% Fibonacci expansion, with a break above that exposing the 23.6% level at 1327.29. Near-term support is at 1277.00, the April 1 low.

Gold-Bounce-Continues-SPX-500-Sees-Worst-Losing-Streak-in-Two-Months_body_Picture_7.png, Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are consolidating within the confines of a Triangle pattern, a setup hinting at upward trend continuation. Confirmation requires a daily close above the formation’s top, now at 101.00, with a break initially exposing the March 28 high at 102.21. Alternatively, a push through support at 100.36, the 23.6% Fibonacci expansion, exposes the 99.21-46 area marked by the Triangle bottom and the 38.2% level.

Gold-Bounce-Continues-SPX-500-Sees-Worst-Losing-Streak-in-Two-Months_body_Picture_8.png, Gold Bounce Continues, SPX 500 Sees Worst Losing Streak in Two Months

Daily Chart - Created Using FXCM Marketscope 2.0

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

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