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Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

2014-04-09 03:57:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Clears Support, Drops the Most in Six Months
  • S&P 500 Stalls at Chart Support After Dramatic Selloff
  • Crude Oil Breaks Out, Gold Trying to Prolong Recovery

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSISPrices plunged through multiple levels of chart support to post its largest one-day decline in six months. Sellers are now aiming to test the 61.8% Fibonacci expansion at 10439, with a break below that exposing the 76.4% level at 10401. Alternatively, a bounce above the 50% Fib at 10470 aims for falling channel floor support-turned-resistance at 10478, followed by the 38.2% expansion at 10500.

Gold-and-Crude-Oil-Prices-Press-Higher-as-US-Dollar-Nose-Dives_body_Picture_5.png, Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices recoiled downward having found resistance below the 1900.00 figure to test rising channel support set from mid-February, now at 1845.80. A break below that initially targets the 38.2% Fibonacci retracement at 1837.50, followed by the 50% level at 1818.50. Channel top resistance is now at 1895.00.

Gold-and-Crude-Oil-Prices-Press-Higher-as-US-Dollar-Nose-Dives_body_Picture_6.png, Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned higher as expected after putting in a Bullish Engulfing candlestick pattern. Buyers are now testing resistance at 1308.11, the 14.6% Fibonacci expansion, with a break above that exposing the 23.6% level at 1327.29. Near-term support is at 1277.00, the April 1 low.

Gold-and-Crude-Oil-Prices-Press-Higher-as-US-Dollar-Nose-Dives_body_Picture_7.png, Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices broke higher as expected out of a Triangle chart formation, with buyers now challenging resistance at 102.68 marked by the 38.2% Fibonacci expansion. A further push above this boundary aims for the 50% level at 104.33. Near-term support is at 100.64, marked by the intersection of the 23.6% Fib and the Triangle top.

Gold-and-Crude-Oil-Prices-Press-Higher-as-US-Dollar-Nose-Dives_body_Picture_8.png, Gold and Crude Oil Prices Press Higher as US Dollar Nose-Dives

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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