Below are highlights from DailyFX strategist Ilya Spivak’s Cross-Market Technical Update:
[B]GOLD (XAU/USD) TECHNICAL ANALYSIS[/B] - 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.
[B]S&P 500 (SPX500) TECHNICAL ANALYSIS[/B] – 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.