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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

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 DailyFX.com

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