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Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Accelerating Higher en Route to June Swing High
  • S&P 500 Rebuilding Downward Momentum After Correction
  • Gold Drops to Four-Month Low, Crude Oil Digesting Losses

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

US DOLLAR TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Morning Star candlestick pattern. Near-term resistance is at 11985, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 12044. Alternatively, a move below the 50% Fib at 11937 opens the door for a challenge of the 38.2% level at 11888.

Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

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

S&P 500 TECHNICAL ANALYSISPrices are attempting to rebuild downward momentum following a brief correction higher. A break below the 23.6% Fibonacci expansion at 2069.80 exposes the 38.2% level at 2058.90. Alternatively, a move above the July 2 high at 2087.40 targets channel floor support-turned-resistance at 2092.50.

Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

GOLD TECHNICAL ANALYSIS – Prices accelerated downward, testing the lowest levels in four months. A daily close below the 76.4% Fibonacci expansion at 1152.47 exposes the 100% level at 1136.03. Alternatively, a move above the 61.8% Fib at 1170.86 targets the 50% expansion at 1170.86.

Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

CRUDE OIL TECHNICAL ANALYSIS – Prices are digesting losses after issuing the largest daily decline in over seven months. A break below the 61.8% Fibonacci retracement at 54.50 exposes the 76.4% level at 50.94. Alternatively, a move back above the 50% Fib at 57.39 targets the 38.2% retracement at 60.27.

Gold Drops to 4-Month Low, SPX 500 Rebuilding Selling Pressure

--- Written by Ilya Spivak, Currency Strategist for

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