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S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 and the US Dollar continue to hover near familiar technical levels while gold prices appear to have issued a major breakout to the upside.

S&P 500 – Prices are edging lower after putting in a Spinning Top candlestick below resistance in the 1415.10-24.90 area marked by the March and May swing tops. Initial support remains at 1392.10, with a breach below that targeting a minor downside hurdle at 1376.10 and a more significant one at 1363.90. Alternatively, a break above resistance initially exposes the May 20 2008 high at 1440.20 and a channel top at 1440.90.

SP_500_US_Dollar_at_Familiar_Levels_as_Gold_Breaks_Out_Higher_body_Picture_5.png, S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are bouncing from support at a rising channel set from the June 28 low (94.93). Initial resistance is at 97.82, the 61.8% Fibonacci retracement, with a break higher exposing the 100.00 figure and 100.65. Alternatively, a reversal through channel support initially targeting the 50% Fib at 93.90.

SP_500_US_Dollar_at_Familiar_Levels_as_Gold_Breaks_Out_Higher_body_Picture_6.png, S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices broke through critical resistance at 1674.65, the intersection of the 38.2% Fibonacci retracement and a falling trend line set from the August 23 2011 swing high. The bulls now aim to challenge the 1700/oz figure, followed by the 50% Fib at 1721.65. The 1674.65 level has been recast as near-term support, with a break back below that exposing 1645.76.

SP_500_US_Dollar_at_Familiar_Levels_as_Gold_Breaks_Out_Higher_body_Picture_7.png, S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices were rejected lower from a confluence of resistance marked by the top of a falling channel established from the July 12 high (10030), the underside of a rising trend set from late July 2011 (10037), and the midline of a larger channel carved out since late May (10048). Initial channel support is at 9943, with a break below that exposing 9940. Alternatively, a break above 10048 exposes the channel top at 10144.

SP_500_US_Dollar_at_Familiar_Levels_as_Gold_Breaks_Out_Higher_body_Picture_8.png, S&P 500, US Dollar at Familiar Levels as Gold Breaks Out Higher

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.