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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

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