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Gold Hits 3-Month High, SPX 500 Secures Topside Breakout

Gold Hits 3-Month High, SPX 500 Secures Topside Breakout

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Rebounds But Monthly Down Trend Remains Intact
  • S&P 500 Secures Upside Breakout, Moves to New Record High
  • Crude Oil Still Locked in Range, Gold Pauses to Digest Gains

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

US DOLLAR TECHNICAL ANALYSIS – Prices launched a corrective recovery having found support at the lowest level in four months. Near-term resistance is at 11759, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 11836. Alternatively, a turn below the 61.8% Fib expansion at 11638 clears the way for a test of the 76.4% threshold at 11576.

Gold Hits 3-Month High, SPX 500 Secures Topside 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 broke above range resistance, setting a new record high. From here, a daily close above the 50% Fibonacci expansion at 2140.70 exposes the 61.8% level at 2159.30. Alternatively, a move back below the 38.2% Fib at 2122.10 targets the 23.6% expansion at 2099.10.

Gold Hits 3-Month High, SPX 500 Secures Topside Breakout

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices paused to digest gains after touching the highest level in three months. A break above the 76.4% Fibonacci expansion at 1231.71 exposes the 100% level at 1250.96. Alternatively, a turn below the 61.8% Fib at 1219.80 targets the 50% expansion at 1210.18.

Gold Hits 3-Month High, SPX 500 Secures Topside Breakout

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are stalling having rebounded from 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 Hits 3-Month High, SPX 500 Secures Topside Breakout

Daily Chart - Created Using FXCM Marketscope

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

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