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Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices declined as expected after negative RSI divergence hinted at ebbing upside momentum. A daily close below the 23.6% Fibonacci retracementat 11985 exposes the 38.2% level at 11937. Alternatively, a move above the 14.6% Fib at 12015 clears the way for a test of trend line support-turned-resistance at 12045.

Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

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

S&P 500 TECHNICAL ANALYSISPrices corrected higher, snapping a sharp three-day loss streak. A break above the 38.2% Fibonacci expansion at 2097.80 exposes the 50% level at 2108.50. Alternatively, a move below the 23.6% Fib at 2084.70 targets the 14.6% expansion at 2076.60.

Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

GOLD TECHNICAL ANALYSIS – Prices are digesting losses after sliding to the weakest level in over five years. A break below the 14.6% Fibonacci expansion at 1090.20 exposes the 23.6% level at 10778.10. Alternatively, a move above the 23.6% Fib retracement at 1103.00 targets channel floor support-turned-resistance at 1109.21.

Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

CRUDE OIL TECHNICAL ANALYSIS – Prices paused to consolidate four days of consecutive losses delivered the lowest levels since February. A daily close below the 50% Fibonacci expansion at 52.37 exposes the 61.8% level at 50.66. Alternatively, a reversal above the 38.2% Fib at 54.08 targets the 23.6% expansion at 56.20.

Crude Oil, Gold Treading Water as SPX 500 Tries to Launch Recovery

--- Written by Ilya Spivak, Currency Strategist for

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