Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points:

  • US Dollar Consolidating in a Familiar Trading Range
  • S&P 500 Validates Chart Setup, Drops Most in 3 Weeks
  • Gold Rebound Stalls, Crude Oil Still Stuck Below $105

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

US DOLLAR TECHNICAL ANALYSIS – Prices are in consolidation mode having secured a key upside breakout three weeks ago. The first key layer of resistance remains at 10531, the May 28 high. A break above that on a daily closing basis targets the 10589-619 region. Alternatively, a turn below support in the 10474-95 area clears the way for a test of a recently broken falling channel top, now at 10395.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

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

S&P 500 TECHNICAL ANALYSISPrices turned lower as expected after putting in a Hanging Man candlestick.Near-term support is at 1942.20, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 1933.70. Resistance is at 1955.90, the June 9 swing high.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Prices corrected higher from support at 1243.24, the 76.4% Fibonacci expansion, to retest the 61.8% level at 1260.03. A daily close above this barrier exposes the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom. Alternatively, a renewed push downward through support exposes the 100% Fib at 1216.11.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.44-73 area, marked by the 50% Fibonacci expansion and the March 3 close. A break above this barrier initially exposes the 61.8% level at 105.12. Alternatively, a reversal below falling trend line resistance-turned-support (now at 104.19) aims for the 38.2% Fib at 103.76.

Gold Rebound Stalls, SPX 500 Drops Most in Three Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Euro’s Hope Lies in ECB’s Economic Projections, Not in Greece

  2. Forex News

    Weekly Trading Forecast: Expect Heavy Seas Between NFPs, ECB and RBA

  3. Forex News

    Australian Dollar Looks to RBA Rate Decision to Break Deadlock

  4. Forex News

    Dollar Faces Rate Speculation, Risk Trends, Central Bank Moves

  5. Forex News

    Strategy Video: When Will the Fed Hike Rates?

Trading Center