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Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

2015-04-01 06:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Extends Recovery for Fourth Consecutive Day
  • S&P 500 Moves to Challenge Monthly Lows Once Again
  • Crude Oil Extends Decline, Gold Stalls at Chart Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to recover after finding support at the March swing low, rising for a fourth consecutive day. Near-term resistance is at 12066, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 12149-77 zone (23.6% level, March 13 high). Alternatively, a move belowthe 11858-86 area (23.6% Fib retracement, March 18 low)clears the way for a test of the 38.2% threshold at 11679.

Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

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 moved lower as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).

Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1180.90 exposes the 38.2% level at 1156.83. Alternatively, a reversal above the 14.6% expansion at 1195.74 targets the 38.2% Fib retracement at 1205.58.

Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices reversed sharply lower after finding resistance below the $60/barrel figure. A break below the 50% Fibonacci expansion at 54.53 exposes the 61.8% level at 53.30. Alternatively, a reversal above the 38.2% Fib at 55.77 targets the March 26 high at 59.75.

Gold Stalls at Chart Support, SPX 500 Revisits Monthly Lows

Daily Chart - Created Using FXCM Marketscope

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

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