Crude oil and gold prices are stalling after pulling back to chart support while the SPX 500 is digesting losses after sinking to a two-week low.
Talking Points:
US Dollar Breaks Above Five-Month Range Resistance
S&P 500 Consolidating After Sinking to Two-Week Low
Crude Oil, Gold Continue to Stall at Technical Support
US DOLLAR TECHNICAL ANALYSIS – Prices broke a five-week range to extend to the highest level in over six years. A daily close above the 23.6% Fibonacci expansion at 11965 exposes the 38.2% level at 12107. Alternatively, a turn below the 11854-78 area (March 2009 high, 14% Fib) clears the way for a test of the February 26 low at 11737.
** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
S&P 500 TECHNICAL ANALYSIS – Prices took out range support at 2101.40, with sellers now aiming to challenge the 23.6% Fibonacci retracement at 2086.40. A break below this barrier exposes the 38.2% level at 2066.00. Alternatively, a reversal back above 2101.40 aims for the February 25 high at 2119.40.
GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after descending to a two-month low below the $1200/oz figure. A break below the 23.6% Fibonacci expansion at 1194.94 exposes the 38.2% level at 1177.51. Alternatively, a rebound above the 1216.30-21.46 area marked by trend line support-turned-resistance and the 23.6% Fib retracement targets the 38.2% threshold at 1233.73.
CRUDE OIL TECHNICAL ANALYSIS – Prices launched a recovery as expected, with buyers now consolidating below February’s swing high. From here, a break below channel support at 60.50 exposes resistance-turned-support at 58.17. Alternatively, a close above the February 17 high at 62.98 exposes the 38.2% Fibonacci expansion at 64.58.
FXCM, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials. FXCM, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.
Recommended Content
Editors’ Picks
AUD/USD: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.