Crude Oil, Gold And S&P 500 Marking Time In Trading Ranges
Dailyfx | May 25, 2015 01:49AM ET
Talking Points:
- US Dollar Advances to the Strongest Level in Three Weeks
- S&P 500 Remains in Digestion Mode Below Record High
- Gold, Crude Oil Prices Still Waiting for Direction Trigger
US DOLLAR TECHNICAL ANALYSIS – Prices accelerated upward, advancing to the highest level in three weeks. Near-term resistance is at 11898, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 11960. Alternatively, a turn back below the 38.2% Fib at 11836 clears the way for a test of the 23.6% retracement at 11759.
S&P 500 TECHNICAL ANALYSIS – Prices are consolidating after breaking range resistance and setting a new record high. From here, a daily close above the 50% Fibonacci expansion at 2140.70 exposes the 61.8% level at 2159.30. Alternatively, a move back below the 38.2% Fib at 2122.10 targets the 23.6% expansion at 2099.10.
GOLD TECHNICAL ANALYSIS – Prices continue to consolidate after recoiling from resistance below $1250.oz. A close below trend line resistance-turned-support at 1204.19 exposes the 23.6% Fibonacci expansion at 1193.38. Near-term resistance is at 1232.30, the May 18 high.
CRUDE OIL TECHNICAL ANALYSIS – Prices remain locked in a choppy consolidation range below the $70/barrel figure. A daily close below the 23.6% Fibonacci retracement exposes the 38.2% level at 60.27. Alternatively, a move above trend line resistance at 67.68 targets the 23.6% Fib expansion at 69.70.
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