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Gold, SPX 500 Pause to Consolidate Before Fed Announcement

Gold, SPX 500 Pause to Consolidate Before Fed Announcement

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Technical Cues Continue to Warn of Turn
  • S&P 500 Pauses to Digest After Attempting Recovery
  • Crude Oil Eyes Support Below $52, Gold Still Stalling

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be losing steam after hitting a new 11-year high as signs of negative RSI divergence begin to emerge. A daily close back below the 38.2% Fibonacci expansionat 12407 exposes the 23.6% level at 11965. Alternatively, a push above the 50% Fib at 12221 opens the door for a challenge of the 61.8% expansion at 12335.

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 stalled after attempting to launch a reversal upward. Near-term resistance is at 2093.50, the 38.2% Fibonacci retracement. A break above that on a daily closing basis exposes the 50% level at 2110.00. Alternatively, a reversal below the 23.6% Fib at 2073.10 targets the 2033.00-40.10 area (March 11 low, 61.8% Fib retracement).

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.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to push lower, with a daily close below the 61.8% Fibonacci retracement at 51.97 exposing the 76.4% level at 49.37. Alternatively, a reversal above the 50% Fib at 54.08 targets the 38.2% retracement at 56.18.

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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