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Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

2015-06-03 03:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned sharply lower, producing the largest decline in close to three months. A daily close below the 23.6% Fibonacci retracement at 11918 exposes the 38.2% level at 11841. Alternatively, a move above the 14.6% Fib at 11966 clears the way for a test of the June 1 high at 12043.

Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

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 remain in consolidation mode. A break below trend line support at 2107.80 exposes the 38.2% Fibonacci retracement at 2100.00. Alternatively, a reversal above downward-sloping resistance at 2120.80 targets the 38.2% Fib expansion at 2133.20.

Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after claiming a foothold below the $1200/oz figure anew. A close below range support at 1178.09 exposes the 38.2% Fibonacci expansion at 1169.31. Alternatively, a rebound above the 23.6% level at 1193.38 targets trend line support-turned-resistance at 1203.33.

Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices rebounded from support guiding the up move from lows set in mid-January. A push above downward-sloping resistance at 65.77 exposes the May 6 high at 69.60, followed by the 38.2% Fibonacci expansion at 70.57. Alternatively, a move below trend line support at 61.81 targets the 38.2% Fib retracement at 60.27.

Crude Oil, Gold and SPX 500 Marking Time in Familiar Territory

Daily Chart - Created Using FXCM Marketscope

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

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