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Gold at Risk of Deeper Losses, SPX 500 Aiming at February Top

Gold at Risk of Deeper Losses, SPX 500 Aiming at February Top

2015-04-10 05:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Looks Poised to Resume Long-Term Uptrend
  • S&P 500 Breaks Range Top, Aims at February Swing Top
  • Gold at Risk of Deeper Losses, Crude Oil Consolidating

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

US DOLLAR TECHNICAL ANALYSIS – Prices broke higher out of a Triangle chart pattern as expected, hinting at continued gains ahead. Near-term resistance is in the 12149-77 area (March 13 high, 23.6% Fibonacci expansion), with a break above that on a daily closing basis exposing the 38.2% level at 12356. Alternatively, a reversal below 12066 (14.6% expansion, Triangle top) clears the way for a test of the Triangle floor at 11974.

Gold at Risk of Deeper Losses, SPX 500 Aiming at February Top

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 broke above resistance at 2084.00, the 14.6% Fibonacci expansion, with a break above that exposing the 2111.00-19.40 area (23.6% level, February 25 high). A further push beyond that targets the 38.2% Fib at 2154.90. Alternatively, a move back below 2084.00 aims for the March 12 low at 2040.10.

Gold at Risk of Deeper Losses, SPX 500 Aiming at February Top

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 1178.38-85.23 area (23.6% Fibonacci expansion, March 31 low) exposes the 38.2% level at 1161.16. Alternatively, a move back above the 1200.07-7.58 zone (14.6% Fib, trend line) aims for the April 6 highat 1224.15.

Gold at Risk of Deeper Losses, SPX 500 Aiming at February Top

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 55.84 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 at Risk of Deeper Losses, SPX 500 Aiming at February Top

Daily Chart - Created Using FXCM Marketscope

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

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