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Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

2015-07-30 07:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices areattempting to rebuild upside momentum after finding range bottom support. Near-term resistance is at 12026, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 12056. Alternatively, a reversal below the 23.6% Fib retracement at 11985 opens the door for a challenge of the 38.2% threshold at 11937.

Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

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

S&P 500 TECHNICAL ANALYSISPrices continue to correct higher following a sharp three-day loss streak. A break above the 50% Fibonacci expansion at 2108.50 exposes the 61.8% level at 2119.10. Alternatively, a move below the 38.2% Fib at 2097.80 targets the 23.6% expansion at 2084.70.

Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after falling 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.

Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

CRUDE OIL TECHNICAL ANALYSIS – Prices remain in digestion mode after hitting a five-month low. 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.

Gold and Crude Oil Still Range-Bound as SPX 500 Recovers

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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