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Gold Topside Targets Favored on Bullish RSI Break, USD Correction

Gold Topside Targets Favored on Bullish RSI Break, USD Correction

2014-10-07 16:15:00
David Song, Strategist
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Talking Points:

- Gold Bullish RSI Break Favors Larger Correction; Former Support Zones in Focus.

- USD/CAD Advances on Dismal Canada Building Permits; Inverse Head-and-Shoulders Remains in Play.

- USDOLLAR at Risk for Larger Pullback as RSI Falls Back From Overbought Territory.

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Gold

Gold Chart
  • Long-term outlook for Gold remains bearish, but looks poised for a larger correction as the Relative Strength Index (RSI) breaks out of the bearish momentum carried over from July.
  • As the International Monetary Fund (IMF) cuts its global growth forecast, fears of weaker demand may heighten the bearish sentiment surrounding the bullion.
  • Will watch former support regions for a lower-high; first area of interest comes in around $1,231 (78.6% retracement) to $1,234 (78.6% retracement).

USD/CAD

USD/CAD Chart
  • USD/CAD pares decline from earlier this week as Canada Building Permits contract 27.3% in August; limits the scope of seeing the Bank of Canada (BoC) adopt a hawkish tone for monetary policy.
  • Inverse head-and-shoulders formation continues to favor topside targets especially as the bullish RSI momentum remains in play.
  • Even though the DailyFX Speculative Sentiment Index (SSI) has narrowed from the extreme readings, retail crowd remains net-short on USD/CAD as the ratio stands at -1.21.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: USD/JPY Change in Behaviour

3 USD Trades to Watch Ahead of FOMC Minutes

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11028.53

11078.45

11010.44

-0.15

113.28%

Gold Topside Targets Favored on Bullish RSI Break, USD CorrectionUSDOLLAR Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index correction looks poised to gather pace over the near-term as the RSI fails to preserve the bullish momentum & falls back from overbought territory.
  • Fresh commentary from Federal Open Market Committee (FOMC) voting members Narayana Kocherlakota & William Dudley to larger be in focus ahead of meeting minutes.
  • Keeping a close eye on former resistance zone for new support; 10, 752 (38.2% expansion) to 10,759 (61.8% retracement) will be the first key region of interest.

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

JOLTS Job Openings (AUG)

14:00

4700

4835

IBD/TIPP Economic Optimism (OCT)

14:00

45.1

45.2

Fed's Narayana Kocherlakota Speaks on Monetary Policy

18:30

Consumer Credit (AUG)

19:00

$20.000B

Fed's William Dudley Speaks on U.S. Economy

19:00

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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