Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points:

  • US Dollar Continues to Decline, Setting New Monthly Low
  • S&P 500 Breaks 1-Month Resistance, Aims to Extend Rally
  • Gold Launches Sharply Higher, Crude Oil May Follow Suit

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

US DOLLAR TECHNICAL ANALYSIS – Prices continued to push downward following yesterday’s FOMC-inspired break of range support. A daily close below the 61.8% Fibonacci expansion at 11717 exposes the 11634-40 zone (May 14 low, 76.4% level). Alternatively, a push above the 50% Fib at 11779 clears the way for a test of the 11834-41 area (horizontal pivot, 38.2% expansion).

Gold Launches Sharply Higher, SPX 500 Breaks Monthly 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 accelerated upward, clearing resistance capping gains since mid-May. From here, a break above the 61.8% Fibonacci expansion at 2130.50 exposes the 76.4% level at 2144.70. Alternatively, a move below the 50% Fib at 2119.10 targets the 38.2% expansion at 2107.70.

Gold Launches Sharply Higher, SPX 500 Breaks Monthly Resistance

GOLD TECHNICAL ANALYSIS – Prices launched sharply higher, clearing range top resistance and narrowly clearing the $1200/oz figure. A break above the 61.8% Fibonacci retracement at 1205.69 exposes the 76.4% level at 1215.86. Alternatively, a move below the 50% Fib at 1197.47 targets the 38.2% retracement at 1189.26.

Gold Launches Sharply Higher, SPX 500 Breaks Monthly 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 trend line support at 63.61 targets the 38.2% Fib retracement at 60.27.

Gold Launches Sharply Higher, SPX 500 Breaks Monthly 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