News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Crude Oil and Gold Prices Face Renewed Selling Pressure

Crude Oil and Gold Prices Face Renewed Selling Pressure

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Gains Most Since Mid-March, Breaks Monthly Trend
  • S&P 500 in Digestion Mode After Establishing New Record High
  • Gold Drops Most in 3 Weeks, Crude Oil Back Below $65 Figure

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

US DOLLAR TECHNICAL ANALYSIS – Prices issued the largest daily advance in two months, breaking above trend line resistance. A daily close above the 38.2% Fibonacci retracement at 11836 exposes the 50% level at 11898. Alternatively, a reversal below the 11748-59 area (range support, 23.6% Fib) opens the door for a challenge of the 14.6% retracement at 11711.

Crude Oil and Gold Prices Face Renewed Selling Pressure

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 consolidating after breaking range resistance and 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.

Crude Oil and Gold Prices Face Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices turned sharply lower, putting in the largest daily decline in three weeks. From here, a daily close below the 23.6% Fib expansion at 1193.38 targets the 1169.31-78.09 area (38.2% level, March 31 low). Alternatively, a turn above the 14.6% Fib at 1208.22 aims for the May 18 high at 1232.30.

Crude Oil and Gold Prices Face Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices turned lower anew, slipping back below the $65/barrel figure. From here, a daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above the 14.6% retracement at 66.03 targets the 14.6% Fib expansion at 67.78.

Crude Oil and Gold Prices Face Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES