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Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

2014-04-11 05:29:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Selloff Extends for a Fifth Consecutive Session
  • S&P 500 at Risk of Deeper Losses on Chart Support Break
  • Crude Oil Aiming Above $104, Gold Recovery Continues

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

US DOLLAR TECHNICAL ANALYSISPrices fell for a fifth consecutive session, with sellers now testing the 76.4% Fibonacci expansion at 10401. A break below that exposes the 100% level at 10339. Alternatively, a bounce above the 61.8% Fib at 10439 aims for the 50% expansion at 10470.

Gold-Recovery-Continues-SPX-500-Vulnerable-to-Deeper-Losses_body_Picture_5.png, Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

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 turned lower anew, breaking support at the bottom of a rising channel set from mid-February and the 38.2% Fibonacci expansion (1837.50). Sellers now aim to challenge the 50% Fib at 1818.50. A turn back above 1837.50 will clear the way for a retest of the channel bottom, now at 1847.30.

Gold-Recovery-Continues-SPX-500-Vulnerable-to-Deeper-Losses_body_Picture_6.png, Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

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 now aiming to test resistance at 1327.29, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 1358.41. Near-term support is at 1308.11, the 14.6% Fib. A reversal back below that targets the April 1 low at 1277.00.

Gold-Recovery-Continues-SPX-500-Vulnerable-to-Deeper-Losses_body_Picture_7.png, Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected out of a Triangle chart formation. Buyers are now aiming to challenge resistance at 104.33 marked by the 50% Fibonacci expansion. A further push above that aims for the 61.8% level at 105.98. Near-term support is at 102.68, the 38.2% Fib, followed by the 23.6% expansion at 100.64.

Gold-Recovery-Continues-SPX-500-Vulnerable-to-Deeper-Losses_body_Picture_8.png, Gold Recovery Continues, SPX 500 Vulnerable to Deeper Losses

Daily Chart - Created Using FXCM Marketscope 2.0

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

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