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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Gold Breaks Range Support, SPX 500 Attempts Cautious Recovery

Gold Breaks Range Support, SPX 500 Attempts Cautious Recovery

Talking Points:

  • US Dollar Revisits Weekly High, Hints at Further Gains Ahead
  • S&P 500 Attempts Recovery After Snapping 3-Month Uptrend
  • Crude Oil Setup Warns of Losses, Gold Breaks Range Support

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

US DOLLAR TECHNICAL ANALYSISPrices advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11937, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11985. Alternatively, a move below the 38.2% Fib at 11888 opens the door for a challenge of the 23.6% level at 11829.

** 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 attempting to correct higher having turned downward as expected. From here, a move above the 38.2% Fibonacci retracement at 2083.60exposes the 50% level at 2092.40. Alternatively, a move below the 23.6% Fib at 2072.70 targets the 14.6% retracement at 2066.00.

GOLD TECHNICAL ANALYSIS – Prices edged through range support, ending a period of consolidation and seemingly opening the door for deeper losses ahead. A move below the 61.8% Fibonacci expansion at 1162.64 exposes the 76.4% level at 1152.47. Alternatively, a move above the 50% Fib at 1170.86 targets the 38.2% expansion at 1179.07.

CRUDE OIL TECHNICAL ANALYSIS – Prices cleared rising trend line set from mid-January, hinting the down trend from the second half of 2014 may be resuming. A move below the 60.27-61.37 area (38.2% Fibonacci retracement, April 22 low) exposes the 50% level at 57.39. Alternatively, a turn back above the trend line – now at 63.84 – targets the 23.6% Fib expansion at 66.69.

--- Written by Ilya Spivak, Currency Strategist for

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.