US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support
MSCI WORLD STOCK INDEX – Prices have rebounded from resistance-turned-support at a rising trend line set from May’s swing top, with the bulls now set to challenge the $1120.55-1131.35 congestion region. The trend line remains as near-term support, now at $1094.58.
US DOLLAR INDEX – Prices are consolidating having overcome resistance at the 23.6% Fibonacci retracement of the 6/7-8/6 downswing at 82.12, which has now turned into support. A return to bullish momentum will aim to challenge the 38.2% Fib at 83.37.
CRUDE OIL – Prices appear to have found near-term support at the bottom of a rising channel established since late May, now at $75.09. A rebound sees initial resistance at $79.38, with a break beyond that exposing $82.64.
GOLD –Prices have stalled after taking out horizontal resistance at $1215.47 yesterday, with this level now acting as support.Positioning suggests that the path of least resistance continues to favor continued gains, with the next upside barrier lining up at $1243.27.
For real time news and analysis, please visit http://www.dailyfx.com/real_time_news
To receive future articles by email, please contact Ilya at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.