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, Crude Oil Digesting Losses as SPX 500 Accelerates Downward

Gold, Crude Oil Digesting Losses as SPX 500 Accelerates Downward

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices moved upward as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 61.8% Fibonacci expansion at 11985 exposes the 76.4% level at 12044. Alternatively, a turn below the 50% Fib at 11937 clears the way for a test of the 38.2% level at 11888.

** 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 downward anew after a brief correction higher. A break below the 2040.10-41.30 area (March 11 low, 61.8% Fibonacci expansion) exposes the 76.4% level at 2030.50. Alternatively, a move above the 50% Fib at 2050.10 targets the 38.2% expansion at 2058.90.

GOLD TECHNICAL ANALYSIS – Prices are consolidating losses after accelerated downward to hit a four-month low. 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.

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to digest after producing 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.

--- 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.