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Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

2015-04-27 07:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Correct Lower, Drops to Monthly Low
  • S&P 500 Falls Just Short of Securing Range Resistance Break
  • Crude Oil Extends Gains, Gold Closes in on Top Confirmation

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to correct downward, sliding to the weakest level in a month. A daily close below the 61.8% Fibonacci expansion at 11899 exposes the 76.4% level at 11864. Alternatively, a move above the 50% Fib at 11927 opens the door for a challenge of the 38.2% expansion at 11954.

Gold Nears Top Confirmation, SPX 500 Falls Short of Range 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 continue to hover below resistance in the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high). A break above that on a daily closing basis exposing the 38.2% level at 2154.90. Alternatively, a reversal below the 14.6% Fib at 2084.00 targets the March 12 low at 2040.10.

Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices may be carving out a bearish Head and Shoulders top chart pattern. Confirmation is required on a daily close below the 1178.38-85.23 area (March 31 low, 23.6% Fibonacci expansion), with the first downside target thereafter coming in the 38.2% level (1161.16). Near-term resistance is at 1224.15, the April 6 high.

Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices resumed their advance after finding support above the $61/barrel figure. A daily close above the 76.4% Fibonacci expansion at 66.16 exposes the 100% level at 70.36. Alternatively, a reversal below the 63.56-73 area (61.8% Fib, April 16 close) targets the 50% expansion at 61.46.

Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

Daily Chart - Created Using FXCM Marketscope

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

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