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Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

2015-06-15 07:01:00
Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices continues to tread water after sliding to a three-week low last week. A daily close below the 11834-9 area (May 20 close, 50% Fibonacci retracement) exposes the 61.8% level at 11790. Alternatively, a push above the 38.2% Fib at 11887 clears the way for a test of the 23.6% retracement at 11946.

Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices pulled back to test rising trend line support set from late-March lows once again, a barrier reinforced by the 61.8% Fibonacci retracement at 2077.20. A break below that targets the 76.4% level at 2063.00. Alternatively, a turn above the 23.6% Fib expansion at 2093.50 targets the 38.2% threshold at 2107.70.

Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

GOLD TECHNICAL ANALYSIS – Prices continue to tread water below the $1200/oz figure. A break below the 23.6% Fibonacci expansion at 1175.79 exposes the 38.2% level at 1165.62. Alternatively, a move above the 14.6% Fib at 1182.06 targets the June 10 high at 1192.23.

Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

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 the 62.93-63.56 area (Flag top resistance-turned-support at, rising trend line) targets the 38.2% Fib retracement at 60.27.

Crude Oil, Gold Stalling as SPX 500 Sinks Back to Trend Support

--- Written by Ilya Spivak, Currency Strategist for

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