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Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Chart Setup Hints at Deeper Pullback Ahead
  • S&P 500 Launches Rebound After Hitting Monthly Low
  • Gold, Crude Oil Digesting Losses at Technical Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices may correct lower after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 11965, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 11854-76 area (14.6% Fibonacci expansion, March 2009 high). Alternatively, a turn above the 38.2% Fib at 12107 opens the door for a challenge of the 50% expansion at 12221.

Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

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 launched a swift recovery after dropping to the weakest level in a month. A daily close above the 23.6% Fibonacci expansion at 2073.10 exposes the 38.2% level at 2093.50. Alternatively, a reversal below the 2033.00-40.10 area marked by the March 11 low and the 61.8% Fib retracement targets the 76.4% threshold at 2012.60.

Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after dropping to a three-month low. 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.

Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are in consolidation mode 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

Crude Oil and Gold Digesting Losses, SPX 500 Attempts Recovery

Daily Chart - Created Using FXCM Marketscope

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

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

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