Skip to content
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
More View more
Gold Launches Sharply Higher, SPX 500 Breaks Monthly Resistance

Gold Launches Sharply Higher, SPX 500 Breaks Monthly Resistance

Ilya Spivak, Head Strategist, APAC

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).

** 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 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.

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.

--- 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