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Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Targeting June Swing High as Recovery Accelerates
  • S&P 500 Continues to Decline After Snapping 2-Month Uptrend
  • Crude Oil Stalls at Trend Support, Gold Drops to 3-Month Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices areaccelerating upward anew, with prices on pace to challenge monthly highs. Near-term resistance is at 12018, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 12067. Alternatively, a turn below the 236% Fib at 11959 opens the door for a challenge of the 14.6% expansion at 11922.

Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

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 continued downward after breaking two-month trend support. Sellers are now challenging the 50% Fibonacci retracement at 2088.60, with a break below that exposing the 61.8% level at 2077.20. Alternatively, a move back above the 38.2% Fib at 2100.00 targets trend line support-turned-resistance at 2115.50.

Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to push lower, now aiming to challenge support at 1164.36 marked by the 76.4% Fibonacci expansion. A break below that exposes the 100% level at 1152.05. Alternatively, a reversal back above the 61.8% Fib at 1171.98 targets the 50% expansion at 1178.14.

Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to test support at a rising trend line guiding the move higher since mid-January. A break below this barrier (now at 62.35) exposes the 38.2% Fibonacci retracement 60.27. Alternatively, a reversal above downward-sloping resistance at 65.42 targets the May 6 high at 69.60.

Gold Drops to 3-Month Low, SPX 500 Extends Losses After Trend Break

Daily Chart - Created Using FXCM Marketscope

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

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

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