News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Produces First Back-to-Back Losses in Over a Month
  • S&P 500 Taps 2-Month Low as Sellers Fight to Break Support
  • Gold, Crude Oil Await Direction Cues at Familiar Chart Levels

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

US DOLLAR TECHNICAL ANALYSIS – Prices pulled back as expected after putting in a Shooting Star candlestick. A daily close below the 14.6% Fibonacci retracement at 11005 exposes the 23.6% level at 10956. Alternatively, a reversal above the 11048-60 area marked rising trend line support-turned-resistance and the 38.2% Fib expansion clears the way for a test of the 50% threshold at 11108.

Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

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 are testing support at 1941.80, the 76.4% Fibonacci expansion, with a break below that exposing a falling channel floor at 1934.90 and the 100% level at 1928.20. Alternatively, a reversal above the 61.8% Fib at 1950.20 aims for the 50% expansion at 1957.10.

Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are treading water below resistance at 1221.70, the 14.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 23.6% level at 1232.34. Alternatively, a reversal below the 23.6% Fib expansion at 1203.76 aims for the 38.2% threshold at 1186.80.

Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices edged past support at 95.11, the 23.6% Fibonacci expansion, to challenge falling channel floor support at 93.91. A break below that exposes the 38.2% level at 92.34. Alternatively, a turn back above the 95.11 eyes the 96.73-82 area, marked by the April 18 2013 low and the 14.6% Fib.

Crude Oil, Gold Await Direction Cues as SPX 500 Hits 2-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES