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Gold Aims Above 1200, SPX 500 Stalls Below February High

Gold Aims Above 1200, SPX 500 Stalls Below February High

Ilya Spivak,

Talking Points:

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

US DOLLAR TECHNICAL ANALYSISPrices turned lower as expected, with a break of chart support pointing to further weakness ahead. A daily close below the 11854-78 area (March 2009 high, 14.6% Fibonacci expansion) exposes the 11679-737 region (February 26 low, 38.2% Fib retracement). Alternatively, a reversal back above the 23.6% level at 11965 clears the way for a test of the 12107-49 zone (38.2% expansion, March 13 high).

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 have returned to challenge record highs. A daily close above the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high) exposes the 38.2% level at 2154.90. Alternatively, a reversal below the 14.6% Fib at 2084.00 targets rising trend line support at 2054.60.

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices look poised for another move above the $1200/oz figure. A break above the 38.2% Fibonacci retracement at 1205.58 exposes the 50% level at 1225.04. Alternatively, a turn below the 23.6% Fib at 1181.51 targets channel top resistance-turned-support at 1173.39.

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to digest below three-week-old trend line resistance. A break below the 50% Fibonacci retracement at 54.08 exposes the 51.97-52.55 area (March 17 low, 61.8% level). Alternatively, a push above the 23.6% Fib expansion at 56.75 targets support-turned-resistance at 58.17.

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

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