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Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

2014-06-12 05:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Consolidating in a Familiar Trading Range
  • S&P 500 Validates Chart Setup, Drops Most in 3 Weeks
  • Gold Rebound Stalls, Crude Oil Still Stuck Below $105

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

US DOLLAR TECHNICAL ANALYSIS – Prices are in consolidation mode having secured a key upside breakout three weeks ago. The first key layer of resistance remains at 10531, the May 28 high. A break above that on a daily closing basis targets the 10589-619 region. Alternatively, a turn below support in the 10474-95 area clears the way for a test of a recently broken falling channel top, now at 10395.

Gold Rebound Stalls, SPX 500 Drops Most in Three 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 ANALYSISPrices turned lower as expected after putting in a Hanging Man candlestick.Near-term support is at 1942.20, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 1933.70. Resistance is at 1955.90, the June 9 swing high.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Prices corrected higher from support at 1243.24, the 76.4% Fibonacci expansion, to retest the 61.8% level at 1260.03. A daily close above this barrier exposes the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom. Alternatively, a renewed push downward through support exposes the 100% Fib at 1216.11.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.44-73 area, marked by the 50% Fibonacci expansion and the March 3 close. A break above this barrier initially exposes the 61.8% level at 105.12. Alternatively, a reversal below falling trend line resistance-turned-support (now at 104.19) aims for the 38.2% Fib at 103.76.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

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

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