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
Gold and Crude Oil Consolidate After Suffering Deep Losses

Gold and Crude Oil Consolidate After Suffering Deep Losses

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices advanced for a fourth consecutive day but failed to clear a near-term upside chart barrier. Near-term resistance is at 11836, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 11898. Alternatively, a turn back below the 11748-59 area (range support, 23.6% Fib) clears the way for a test of the 14.6% retracement at 11711.

Gold and Crude Oil Consolidate After Suffering Deep Losses

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.

Gold and Crude Oil Consolidate After Suffering Deep Losses

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are consolidating after issuing the largest daily decline in three weeks. A close below trend line resistance-turned-support at 1206.69 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term resistance is at 1232.30, the May 18 high.

Gold and Crude Oil Consolidate After Suffering Deep Losses

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are digesting losses after issuing the largest decline in six weeks. 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.

Gold and Crude Oil Consolidate After Suffering Deep Losses

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