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Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Accelerates Downward, Moves to Lowest in 4 Months
  • S&P 500 in Consolidation Mode But Bearish Chart Cues Remain
  • Crude Oil Stalling Above $64, Gold Rallies Most in Two Weeks

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

US DOLLAR TECHNICAL ANALYSIS – Prices cleared April’s swing bottom, sinking to the lowest level in four months. A daily close below the 61.8% Fibonacci expansion at 11638 exposes the 76.4% level at 11576. Alternatively, a push above the 50% Fib at 11688 opens the door for a challenge of the 38.2% threshold at 11737.

Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

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 cautiously attempting to edge lower as expected after putting in a Bearish Engulfing candlestick pattern, warning that a double top may be taking shape. A break below the 38.2% Fibonacci retracement at 2065.70 exposes the 50% level at 2047.10. Key resistance remains at 2119.40, the February 25 high.

Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are attempting to build higher anew. A break above the 61.8% Fibonacci expansion at 1219.80 exposes the 76.4% level at 1231.71. Alternatively, a turn below the 50% Fib at 1210.18 targets the 38.2% expansion at 1200.56.

Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to build higher anew having found support above the $64.00 figure. A daily close above the 23.6% Fibonacci expansion at 68.23 exposes the May 6 high at 69.60, followed by the 38.2% level at 70.72. Alternatively, a turn below the 14.6% Fib retracement at 66.03 targets the 23.6% threshold at 63.84.

Gold Rises Most in Two Weeks, SPX 500 Mired in Consolidation Mode

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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