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Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Breaks Resistance, Hinting at More Gains Ahead
  • S&P 500 Recovery Continues as Prices Approach April Top
  • Gold Testing Monthly Bottom, Crude Oil Sets Two-Week Low

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

US DOLLAR TECHNICAL ANALYSISPrices edged above resistance at 10468, the intersection of the 38.2% Fibonacci retracement and the underside of a falling channel set from mid-February. Buyers now aim to challenge the 50% level at 10488, with a further break above that exposing the 61.8% Fib at 10508. A turn back below 10468 aims for the 23.6% retracement at 10444.

Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

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 rebounded as expected after putting in a Piercing Line candlestick pattern. A break above the 38.2% Fibonacci expansion at 1870.70 has exposed the 50% level at 1889.70, with a further push beyond that eyeing the 61.8% Fib at 1908.70.Alternatively, a reversal back below 1870.70 targets the 23.6% expansion at 1847.10.

Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices continue to edge lower, taking out support at 1287.14 marked by the 38.2% Fibonacci expansion and exposing the 50% level at 1273.57. A further push beneath that aims for the 61.8% Fib at 1260.01. Alternatively, a reversal back above 1287.14 sees the first layer of resistance at 1303.93, the 23.6% expansion.

Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are turned sharply lower below the 105.00 figure, sinking to challenge support at 101.04 marked by the 50% Fibonacci expansion. A break below this boundary initially exposes the 61.8% level at 100.11. Near-term resistance is at 101.96, the 38.2% Fib, followed by the 23.6% expansion at 103.11.

Gold Sinks to Monthly Bottom, Crude Oil Hits Lowest Level in Two Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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