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Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

2015-04-07 06:12:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Finds Interim Support, Snaps 3-Day Loss Streak
  • S&P 500 Rebounds from Support But Fails to Break Range
  • Crude Oil, Gold Aim Higher After Breaking Chart Barriers

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned lower as expected after prices produced a bearish Evening Star candlestick pattern. A daily close below the 11858-86 area (March 18 low, 23.6% Fibonacci retracement) exposes the 38.2% level at 11679. Alternatively, a reversal above the 14.6% Fib expansion at 12066 opens the door for a challenge of the 12149-77 zone (March 13 high, 23.6% threshold).

Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

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 consolidating after moving lower as expected following the appearance of 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).

Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices look poised to continue higher after clearing resistance at 1210.35, the 38.2% Fibonacci expansion. From here, a daily close above the 50% level at 1231.28 exposes the 61.8% Fib at 1252.22. Alternatively, a reversal back below 1210.35 targets the March 31 low at 1178.38.

Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to test resistance at 59.35, the 38.2% Fibonacci expansion, after pushing above the 23.6% level at 56.75. A daily close above resistance exposes the 50% Fib at 61.45. Alternatively, a reversal back below 56.75 targets the 14.6% expansion at 55.15.

Crude Oil, Gold Prices Aim Higher After Clearing Chart Barriers

Daily Chart - Created Using FXCM Marketscope

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

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