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Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

2015-06-05 06:39:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Finds Interim Support, Corrects Upward
  • S&P 500 Breaks 2-Month Support to Challenge 2100
  • Gold, Crude Oil Break Down from Familiar Ranges

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

US DOLLAR TECHNICAL ANALYSIS – Prices found interim support and mounted a cautious recovery after declining to a two-week low. A daily close below the 38.2% Fibonacci retracement at 11887 exposes the 50% level at 11839. Alternatively, a rebound above the 14.6% Fib expansion at 11922 clears the way for a test of the 23.6% threshold at 11959.

Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

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 below two-month trend support to challenge the 38.2% Fibonacci retracement squarely at the 2100.00 figure. A break below this barrier exposes the 50% level at 2088.60. Trend line support-turned-resistance is now at 2111.10.

Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices broke downward out of consolidation, aiming to challenge support at 1171.98 marked by the 61.8% Fibonacci expansion. A break below that exposes the 76.4% level at 1164.36. Alternatively, a reversal back above the 50% Fib at 1178.14 targets the 38.2% expansion at 1184.30.

Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices narrowly edged past support guiding the uptrend since mid-January. Sellers now aim to challenge the 38.2% Fibonacci retracement at 60.27, with a break below that exposing the 50% level at 57.39. Alternatively, a move back above the trend line – now recast as resistance at 62.32 – targets a downward-sloping barrier at 65.57.

Gold, Crude Oil Drop from Ranges as SPX 500 Breaks Trend Support

Daily Chart - Created Using FXCM Marketscope

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

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