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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

Ilya Spivak, Head Strategist, APAC

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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