Talking Points:
- US Dollar Resumes Down Move After Former Support Retest
- S&P 500 Threatens Break Above Two-Month Range Resistance
- Gold Awaits Top Confirmation, Crude Oil Hits 4-Month High
US DOLLAR TECHNICAL ANALYSIS – Prices appear to be resuming its downward reversal after retesting broken trend line support as resistance. Near-term support is at 11950, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 11899. Alternatively, a rebound above the 14.6% Fib expansion at 11989 clears the way for a test of the 23.6% threshold at 12027.
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.
GOLD TECHNICAL ANALYSIS – Prices may be carving out a bearish Head and Shoulders top chart pattern. Confirmation is required on a daily close below 1185.23, the 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.
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.
