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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Pauses to Digest After Declining to 3-Week Low
  • S&P 500 Recovery Fails to Puncture Trend Line Resistance
  • Gold Rebound Hinted Ahead, Crude Oil Aiming Above $66

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

US DOLLAR TECHNICAL ANALYSIS – Prices paused to digest losses after sliding to the weakest level in three weeks. Near-term support is at 11834-9 area (May 20 close, 50% Fibonacci retracement), with a break below that on a daily closing basis exposing the 61.8% level at 11790. Alternatively, a move above the 38.2% Fib at 11887 opens the door for a challenge of the 23.6% retracement at 11946

Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

** 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 stalling after launched a recovery at rising trend line support set from late-March lows. A break above trend line resistance at 2109.50 exposes the 50% Fibonacci expansion at 2119.10. Alternatively, a move below the 23.6% Fib at 2093.50 targets the 2077.20-80.00 area (trend line, 61.8% Fib retracement).

Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

GOLD TECHNICAL ANALYSIS – Prices narrowly edged above falling channel resistance, warning that the down move from mid-May highs may be unraveling. A break of trend line resistance at 1201.02 exposes the May 18 high at 1232.30. Alternatively, turn below channel resistance-turned-support at 1178.44 targets the 38.2% Fibonacci expansion at 1169.31.

Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

CRUDE OIL TECHNICAL ANALYSIS – Prices may be resuming the recovery launched from mid-January lows after completing a Flag continuation pattern. Near-term resistance is at 66.69, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 70.25. Alternatively, a move below Flag top resistance-turned-support at 64.34 targets a rising trend line at 62.79.

Gold, Crude Oil Aim Higher as SPX 500 Bounce Stalls at Resistance

--- 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