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Gold Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

Gold Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

2015-04-14 06:50:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Tests March Top, Spikes to New 12-Year High
  • S&P 500 Chart Positioning Hints a Turn Lower is Ahead
  • Gold Turns Lower Anew, Crude Oil Testing Range Top

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

US DOLLAR TECHNICAL ANALYSIS – Prices advanced as expected after breaking higher from a Triangle chart formation. Near-term resistance is in the 12149-53 area (March 13 high, 100% Fibonacci expansion), with a break above that on a daily closing basis exposing the 123.6% level at 12201. Alternatively, a move back below the76.4% Fib at 12105 clears the way for a test of the 61.8% expansion at 12076.

Gold Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

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 put in a bearish Dark Cloud Cover candlestick pattern, hinting a move lower is ahead. A break below the 14.6% Fibonacci expansion at 2084 exposes the March 12 low at 2040.10. Alternatively, a push above the 2111.00-19.40 area (23.6% level, February 25 high) targets the 38.2% level at 2154.90.

Gold Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices turned lower anew following a re-test rising trend line support-turned-resistance. A push the 23.6% Fibonacci expansion at 1185.23 exposes the 38.2% level at 1161.16. Alternatively a move above the trend line – now at 1215.18 – targets the April 6 high at 1224.15.

Gold Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

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 56.15 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 Turns Lower Anew, SPX 500 Chart Setup Hints at Downturn

Daily Chart - Created Using FXCM Marketscope

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

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