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Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout
DailyFX.com -
Talking Points:
US Dollar Continues to Correct Lower, Drops to Monthly Low
S&P 500 Falls Just Short of Securing Range Resistance Break
Crude Oil Extends Gains, Gold Closes in on Top Confirmation
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices continue to correct downward, sliding to the weakest level in a month. A daily close below the 61.8% Fibonacci expansion at 11899 exposes the 76.4% level at 11864. Alternatively, a move above the 50% Fib at 11927 opens the door for a challenge of the 38.2% expansion at 11954.
Daily Chart - Created Using FXCM Marketscope
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
S&P 500 TECHNICAL ANALYSIS – Prices continue to hover below resistance in the 2111.00-19.40 area (23.6% Fibonacci expansion, February 25 high). A break above that on a daily closing basis exposing the 38.2% level at 2154.90. Alternatively, a reversal below the 14.6% Fib at 2084.00 targets the March 12 low at 2040.10.
Daily Chart - Created Using FXCM Marketscope
GOLD TECHNICAL ANALYSIS – Prices may be carving out a bearish Head and Shoulders top chart pattern. Confirmation is required on a daily close below the 1178.38-85.23 area (March 31 low, 23.6% Fibonacci expansion), with the first downside target thereafter coming in the 38.2% level (1161.16). Near-term resistance is at 1224.15, the April 6 high.
Daily Chart - Created Using FXCM Marketscope
CRUDE OIL TECHNICAL ANALYSIS – Prices resumed their advance after finding support above the $61/barrel figure. A daily close above the 76.4% Fibonacci expansion at 66.16 exposes the 100% level at 70.36. Alternatively, a reversal below the 63.56-73 area (61.8% Fib, April 16 close) targets the 50% expansion at 61.46.
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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