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Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to launch a recovery after testing multi-year rising trend support set from July 2011. This barrier (now at 10419) is reinforced by a falling channel bottom at 10404. Resistance continues to stand in the 10474-95 area, with a break above that on a daily closing basis opening the door for a challenge of the May 28 high at 10531. Alternatively, a turn below support would hint a major reversal is in progress and initially expose double bottom support at 10375, followed by the June 2012 high at 10323.

Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

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 Shooting Star candlestick coupled with negative RSI divergence. Sellers are aiming to challenge the 23.6% Fibonacci retracement at 1942.70, with a break below that on a daily closing basis exposing the 38.2% level at 1927.20. Alternatively, a reversal above the 14.6% Fib at 1952.20 initially targets the June 24 high at 1967.60.

Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are treading water after launching sharply higher last week to challenge resistance at 1321.64, the 38.2% Fibonacci expansion. A break above this barrier targets the 50% level at 1346.78. Alternatively, a turn back below the 1300/oz figure aims for the 1277.00-90 area, marked by April 1 low and the 23.6% Fib.

Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices remain in consolidation mode below resistance at 107.19, the 23.6% Fibonacci expansion.A daily close above this barrier initially targets the 38.2% level at 108.49. Alternatively, a reversal below the 23.6% Fib retracementat 105.54 clears the way for a test of the 104.24-73 area, marked by a formerly broken triple top and the 38.2% threshold.

Crude Oil, Gold Hold Familiar Ranges as SPX 500 Recoils Downward

Daily Chart - Created Using FXCM Marketscope 2.0

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

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