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Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

2015-05-26 05:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Extends Rebound, Hits Strongest Level in a Month
  • S&P 500 Still Treading Water After Setting New Record High
  • Gold, Crude Oil Continue to Oscillate in Congestion Ranges

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to extend upside momentum after touching the highest level in a month. A daily close above the 50% Fibonacci retracementat 11898 exposes the 61.8% level at 11960. Alternatively, a reversal below the 38.2% Fib at 11836 opens the door for a challenge of the 23.6% retracement at 11759.

Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

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, Crude Oil Waiting for Breakout from Tight Congestion Ranges

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after recoiling from resistance below $1250/oz. A close below trend line resistance-turned-support at 1203.88 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term resistance is at 1232.30, the May 18 high.

Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices remain locked in a choppy consolidation range below the $70/barrel figure. A daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above trend line resistance at 66.57 targets the 23.6% Fib expansion at 69.70.

Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

Daily Chart - Created Using FXCM Marketscope

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

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