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Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

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 continue their relentless upward push, with prices extending to yet another 11-year high. A daily close above the 38.2% Fibonacci expansionat 12107 exposes the 50% level at 12221. Alternatively, a reversal below the 23.6% Fib at 11965 clears the way for a test of the 11854-76 area (14.6% Fibonacci expansion, March 2009 high).

Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

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 are digesting losses after sliding to the weakest level in a month. Sellers now aim to challenge the 61.8% Fibonacci retracement at 2033.00, with a break below that on a daily closing basis exposing the 76.4% level at 2012.60. Alternatively, a reversal back above the 50% Fib at 2049.50 targets the 38.2% retracement at 2066.00.

Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to mount a recovery having tested the 1150.00 figure. A break above the 50% Fibonacci expansion at 1163.43 on a daily closing basis exposes the 38.2% level at 1177.51. Alternatively, a push below the 61.8% Fib at 1149.35 targets the 76.4% expansion at 1131.92.

Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices launched a corrective recovery after hitting a monthly low. A turn above the 58.17-78 area marked by the 23.6% Fibonacci retracement and the February 6 close targets the 14.6% level at 60.38.Alternatively, a break below the 38.2% Fib at 56.18 exposes the 50% retracement at 54.08

Gold, Crude Oil Prices Attempt Rebound as SPX 500 Digests Losses

Daily Chart - Created Using FXCM Marketscope

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

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