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Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Coiling Up, May Be Readying to Break Higher
  • S&P 500 Continues to Struggle at Near-Term Range Top
  • Crude Oil Digesting, Gold Trying to Resume Down Trend

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be carving out a symmetrical Triangle, a chart pattern hinting at on-coming uptrend continuation. A daily close above 12066 (14.6% Fibonacci expansion, Triangle top) exposes the 12149-77 area (March 13 high, 23.6% level). Alternatively, a move below Triangle floor support at 11970 opens the door for a challenge of the 11858-86 zone (March 18 low, 23.6% Fibonacci retracement).

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

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).

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are edging lower after putting in a bearish Three Inside Down candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 1200.07 exposes the 1178.38-85.23 area marked by the 23.6% level and the March 31 low. Near-term resistance is at 1224.15, the April 6 high.

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to consolidate below the $60/barrel figure. A daily close below trend line support at 54.64 exposes the March 17 low at 52.55. Alternatively a break above the 38.2% Fibonacci expansion at 59.35 targets the 50% level at 61.45.

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

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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