Talking Points:
- US Dollar Pullback Brings Prices to Lowest in Over 2 Months
- S&P 500 Chart Setup Warns of Double Top at February High
- Gold Flirting with H&S Top, Crude Oil Corrects Downward
US DOLLAR TECHNICAL ANALYSIS – Prices declined for a fourth consecutive day, dropping to the weakest level in nearly two months. Near-term support is at 11864, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 11809. Alternatively, a rebound above the 61.8% Fib at 11899 clears the way for a test of the 50% threshold at 11927.
S&P 500 TECHNICAL ANALYSIS – Prices put in a Bearish Engulfing candlestick pattern, suggesting a double top may be taking shape at 2119.40, the February 25 high. A break below the 14.6% Fibonacci retracement at 2102.90 exposes the 23.6% level at 2088.70.
GOLD TECHNICAL ANALYSIS – Prices may be carving out a bearish Head and Shoulders top chart pattern. Confirmation is required on a daily close below the 1178.38-85.23 area (March 31 low, 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 corrected downward after rising to the highest level in over four months. A daily close below the 63.56-73 area (61.8% Fib, April 16 close) targets the 50% Fibonacci expansion at 61.46. Alternatively, a push above the 76.4% level at 66.16 exposes the 100% Fib at 70.36.
