US Dollar Pushed to Test Below Multi-Year Support Again
Prices are probing below multi-year trend support set from July 2011. This barrier (10434) is reinforced by a falling channel bottom at 10414. A daily close below that would suggest a major reversal is in progress and initially expose double bottom support at 10375.Resistance remains in the 10474-95 area, with a move above that clearing the way for another challenge of the May 28 high at 10531.
S&P 500 Still Pushing Higher But Reversal Clues Emerging
Prices are inching to yet another record high above resistance at 1961.50 marked by the 38.2% Fibonacci expansion. Confirmation of a break on a daily closing basis clears the way for a challenge of 1972.60, the intersection of a rising channel top from mid-April and the 50% level. Emerging negative RSI divergence warns of oncoming reversal however. A turn below the 23.6% Fib at 1947.80 targets the 14.6% expansion at 1939.30.
Gold Stalls Above 1300
Prices launched sharply higher to test resistance at 1321.64, the 38.2% Fibonacci expansion. A break above this barrier targets the 50% level at 1346.78. Alternatively, a turn back below the 1300/oz figure aims for the 1277.00-90 area, marked by April 1 low and the 23.6% Fib.
Crude Oil Trying to Resume Rally
Prices are moving higher anew after pulling back as expected. A daily close above resistanceat 107.32, the 100% Fibonacci expansion, targets the 123.6% level at 108.68.
Alternatively, a turn below support at 105.96, the 76.4% Fib, initially aims for the 61.8% level at 105.12.
