Gold Drops to 2-Month Support, SPX 500 Upside Momentum Falters

| 25 juni, 2015 | 0 kommentarer

Talking Points:

  • US Dollar Rebound Capped at Monthly Channel Top Resistance
  • SP 500 Declines as Expected But Overall Uptrend Still Intact
  • Crude Oil Stalls at Trend Line, Gold Drops to 2-Month Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11888, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11937. Alternatively, a move below the 23.6% Fib at 11829 opens the door for a challenge of the 14.6% level at 11792.

Gold Drops to 2-Month Support, SPX 500 Upside Momentum Falters

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

SP 500 TECHNICAL ANALYSIS – Prices declined as expected after negative RSI divergence argued for ebbing upside momentum. From here, a break below trend line resistance-turned-support at 2097.60exposes the channel floor at 2086.20. Alternatively, a push above the 2127.60-37.10 area (May 19, June 18 highs) targets channel top resistance at 2155.70.

Gold Drops to 2-Month Support, SPX 500 Upside Momentum Falters

GOLD TECHNICAL ANALYSIS – Prices have slumped back to two-month support after failing to hold up above the $1200/oz figure. A break below the 1170.30-86 area (May 1 low, 50% Fibonacci expansion) exposes the 61.8% level at 1162.64. Alternatively, a move above the 38.2% Fib at 1179.07 targets the 23.6% expansion at 1189.24.

Gold Drops to 2-Month Support, SPX 500 Upside Momentum Falters

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to stall at trend line support guiding the recovery from mid-January. A break below this barrier – now at 63.09 – exposes the 38.2% Fibonacci retracement at 60.27. Alternatively, a move above the 23.6% Fib expansion at 66.69 targets the 38.2% threshold at 70.25.

Gold Drops to 2-Month Support, SPX 500 Upside Momentum Falters

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

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *