Crude Oil and Gold Mark Time As S&P500 Index Retreat Continues

London (Jun 26)  US Dollar Technical Analysis – Prices moved higher as expected after producing a bullish Morning Star candlestick pattern. A daily close above channel top resistance at 11860 exposes the 38.2% Fibonacci expansion at 11888. Alternatively, a reversal below the 23.6% Fib at 11829 clears the way for a test of the 14.6% level at 11792.

Crude Oil and Gold Mark Time as SPX 500 Retreat Continues

 S&P 500 TECHNICAL ANALYSIS – Prices declined as expected after negative RSI divergence argued for ebbing upside momentum. From here, a break below trend line resistance-turned-support at 2096.20exposes the channel floor at 2086.90. Alternatively, a push above the 2127.60-37.10 area (May 19, June 18 highs) targets channel top resistance at 2156.20.

Crude Oil and Gold Mark Time as SPX 500 Retreat Continues

 GOLD TECHNICAL ANALYSIS – Prices have slumped back to two-month support after failing to hold up above the $1200/oz figure. A break below the 1170.30-86 area (May 1 low, 50% Fibonacci expansion) exposes the 61.8% level at 1162.64. Alternatively, a move above the 38.2% Fib at 1179.07 targets the 23.6% expansion at 1189.24.

Crude Oil and Gold Mark Time as SPX 500 Retreat Continues

 CRUDE OIL TECHNICAL ANALYSIS  – Prices continue to stall at trend line support guiding the recovery from mid-January. A break below this barrier – now at 63.25 – exposes the 38.2% Fibonacci retracement at 60.27. Alternatively, a move above the 23.6% Fib expansion at 66.69 targets the 38.2% threshold at 70.25.

Source: Investing.com