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Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

2014-05-28 05:20:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Digesting Rally Before Another Push Upward
  • S&P 500 Poised to Extend Gains After Resistance Break
  • Gold Finally Completes Bearish Chart Setup, Aims Lower

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

US DOLLAR TECHNICAL ANALYSIS – Prices look poised to continue higher having set a critical double bottom at 10375, the October 2013 floor. An upward trend change signaled by a break above resistance at the top of a falling channel set from January saw follow-through with a break of resistance in the 10474-95 area. The bulls now aim to challenge the 10589-619 region, with a move above that opening the door for an advance to year-to-date highs. Alternatively, a reversal back below 10474 eyes channel top support-turned-resistance at 10434.

Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

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 broke resistance at 1908.40, the 50%Fibonacci expansion, exposing the 61.8% level at 1919.40. A further push beyond that targets the 76.4% Fib at 1933.00.Alternatively, a reversal back below1908.40 clears the way for a descent to the 1897.40-1899.10 area, marked by the 38.2% expansion and the April 4 high.

Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected, confirming a descending Triangle chart formation. Sellers now aim to challenge support at 1260.03, the 61.8% Fibonacci expansion. A break below this boundary exposes the 76.4% level at 1243.24. Resistance is in the 1273.59-77.00 area, marked by the 50% Fib and the Triangle bottom, with a reversal back above that eyeing the 38.2% expansion at 1287.16.

Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing resistance in the 104.24-36 area, marked by a falling trend line set from early March and the 76.4% Fibonacci expansion. A break above this barrier initially exposes the 100% level at 105.16. Near-term support is at 103.67, the 61.8% Fib, with a move back below that eyeing the 50% expansion at 103.20.

Gold Aiming Lower as Prices Finally Validate a Bearish Chart Formation

Daily Chart - Created Using FXCM Marketscope 2.0

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

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