Technical Analysis for US Dollar, S&P 500, Gold and Crude Oil - followed by the 38.2% Fibonacci expansion at 70.57 for oil

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Sergey Golubev, 2015.06.04 07:29

Gold Sinks to Three-Week Low on Greece Hopes, Stock Gains (adapted from wsj article)

Gold prices fell to their lowest level in three weeks on Wednesday as optimism about a positive outcome to Greece’s financial problems and gains in stocks weighed on investor interest for havens like precious metals. 

“We are a few days, or I could even say a few hours, away from a resolution,” French President François Hollande said at a conference in Paris.

“Some people are just getting out of this market to avoid the volatility and paring back positions until they get a clearer understanding,” said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. “Just because Greece gets a deal now doesn’t mean that their problems are solved.”

“The stock market is still up and strong and siphoning money away from gold to stocks,” said George Gero, a senior vice president with RBC Capital Markets Global Futures. 

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Sergey Golubev, 2015.06.04 12:59

Gold Down, Hits 4-Week Low; Gets No Support from Sell-Off in USDX (based on kitco article)

"Gold prices ended the U.S. day session moderately lower and hit a four-week low Wednesday. The U.S. dollar index dropped from its overnight highs to trade lower during the U.S. session, but gold and silver bulls got no benefit. The bearish technical postures for gold and silver markets are keeping the sellers in control. August Comex gold was last down $10.30 at $1,184.10 an ounce. July Comex silver was last down $0.329 at $16.47 an ounce."

"Technically, August gold futures prices closed nearer the session low and hit a four-week low today. Gold bears have the firm overall near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,204.70. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the May low of $1,170.00. First resistance is seen at $1,190.00 and then at today’s high of $1,195.60. First support is seen at today’s low of $1,179.10 and then at $1,170.00. Wyckoff’s Market Rating: 2.5 "

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Sergey Golubev, 2015.06.05 05:24

EUR/USD Technical Analysis: Rebound Capped Above 1.13 (based on dailyfx article)

• Support: 1.1202, 1.1005, 1.0818
• Resistance:1.1320, 1.1439, 1.1585

The Euro paused to digest gains having reversed upward as expected against the US Dollar following two days of aggressive gains. Near-term resistance is at 1.1320, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1439. Alternatively, a reversal below the 38.2% Fib at 1.1202 clears the way for a test of the 1.1005-55 area (23.6% expansion, horizontal pivot).