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Commodities Brief: S&P 500 closes at all time highs, commodities mixed on the day

FXstreet.com (Barcelona) - It was another green day for US Equities, with the S&P 500 closing the day up 0.25% at 1597.57 (a new all time high). The US Dollar was weaker across the board, with the DXY closing down 0.54% at 81.77. The weaker greenback didn’t seem to help the energy complex as oil finished the day down 1.68% at 93.04. Gold closed flat on the day at 1476 (although it did trade as low as 1460), while Silver closed down 0.89% at 24.32. Market participants are eagerly awaiting the Federal Reserve Monetary Policy Statement in the next US session due out at 18:00GMT.

From a technical perspective, the pullback in oil is not surprising after the steep move higher in eight out of the last nine trading sessions. It could be the start of a consolidation pattern ahead of the important economic data (Fed & ECB Meetings, US Jobs Data) due out the rest of the week. First resistance sits between 94.70-95.00 zone, followed by 96.20. Initial support sits at 92.60, followed by 91.70 (the 20dma).

As for the precious metals, the recent rally appears to be running out of steam and needs to follow through or the recent snap back in prices will be viewed as a counter-trend move on the charts. Both gold and silver are approaching previous support levels which will now act as resistance. In order to repair the technical damage done on the major decline a few weeks ago, these levels will need to be taken out on a close. First resistance in gold sits at 1485 (high price from April 26th), followed by 1510 (this was an important support pivot on the way down, so worth keeping an eye on). Initial support sits at 1460 (low of previous two days), followed by 1438 (the 9dma). Initial resistance in silver is at 24.50 (supply candle on 1 hour chart), followed by 25.00 (the 20dma). First support sits at 24.00 (low of previous two days), followed by 23.69 (the 9dma).

Forex: AUD/USD stalling below 1.04 ahead of China PMI

AUD/USD is last at 1.0370, off fresh weekly and 9-day highs at 1.0384, ahead of key risk event for this Wednesday in Asia-Pacific in the form of official China PMI figures at 0.1:00 GMT. “China is closed today and Japan is in holiday mode ahead of a 4-day weekend,” says FXWW founder Sean Lee.
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Forex: US Dollar Index closes sharply lower ahead of Fed Meeting

The US Dollar Index closed the day down 0.54% at 81.72. It was a rough last day of April for the DXY, closing at its lowest level since Feb 27th, and finishing the month down 1.68%. Market participants will all be focused on the upcoming Federal Reserve Monetary Policy statement due out during the next US session at 18:00 GMT.
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