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Talking Points:

  • US Dollar Challenging Monthly Range Top Yet Again
  • S&P 500 Remains Range-Bound Above 2100.00 Figure
  • Crude Oil Digesting Sub-$63, Gold Stalls Near $1200

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

US DOLLAR TECHNICAL ANALYSIS – Prices have returned to test the top of a now-familiar range top capping gains since late January. Near-term resistance is in the 11854-76 area (14.6% Fibonacci expansion, March 2009 high), with a break above that on a daily closing basis exposing the 23.6% level at 11963. Alternatively, a below the 14.6% Fib retracementat 11740 opens the door for a challenge of the 23.6% threshold at 11653.

Gold Stalls Near 1200, SPX 500 Remains Locked in Range

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices paused to digest gains after advancing to yet another record high. A daily close above the 2119.40-22.80 area (February 25 high, 14.6% Fibonacci expansion) exposes the 23.6% level at 2135.40. Near-term support is at 2102.60, the March 2 low, with a break below that targeting the 23.6% Fib retracement at 2086.40.

Gold Stalls Near 1200, SPX 500 Remains Locked in Range

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to launch a recovery after dropping to the lowest level in two months. A daily close above the intersection of trend line support-turned-resistance and the 23.6% Fibonacci retracement at 1216.30 exposes the 38.2% level at 1233.73. Alternatively, a reversal below the 14.6% Fib at 1205.56 targets the February 23 low at 1188.13.

Gold Stalls Near 1200, SPX 500 Remains Locked in Range

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now consolidating below February’s swing high. From here, a break below the 58.17-78 area (February 6 close, 23.6% Fib retracement) exposes the 38.2% level at 56.18. Alternatively, a close above the 14.6% Fib at 60.38 targets the February 17 high at 62.98.

Gold Stalls Near 1200, SPX 500 Remains Locked in Range

Daily Chart - Created Using FXCM Marketscope

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

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