We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

2014-07-11 05:28:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • US Dollar Poised to Renew Advance After Pullback
  • S&P 500 Resumes Reversal, Touches Two-Week Low
  • Gold Hits 4-Month High But Gains May Be Fleeting

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

US DOLLAR TECHNICAL ANALYSIS – Prices rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A shallow pullback looks corrective in the context of the upside breakout that cleared resistance at the top of a falling channel set from early June. A daily close above resistance at 10431, the 38.2% Fibonacci retracement, targets the 50% level at 10452. Alternatively, a turn back below channel top resistance-turned-support at 10388 exposes a triple bottom in the 10354-75 area.

Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

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 ANALYSISPrices fell as expected after putting in a bearish Evening Star candlestick pattern at the top of a rising channel set from mid-April. A break below the 14.6% Fibonacci retracement at 1960.10 on a daily closing basis exposes the 23.6% level at 1944.20, a barrier reinforced by a rising channel floor set from mid-April. Near-term trend line support-turned-resistance is at 1989.10, followed by the July 3 highat 1985.90.

Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices broke upward out of a consolidation range, with buyers now testing resistance marked by the 38.2% Fibonacci expansion at 1343.20. A break above this barrier on a daily closing basis exposes the 50% level at 1354.20. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal lower may be ahead. A reversal below the 23.6% Fib at 1329.58 aims for a rising trend line set from early June, now at 1321.96.

Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices may be carving out a double bottom after showing a bullish Piercing Line candlestick pattern above support at 101.56, the June 5 swing low. Near-term resistance is at 102.96, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 103.85. Alternatively, a reversal below support initially targets the 100.00 figure.

Gold Jumps to Four-Month High Upward Momentum May Be Fleeting

Daily Chart - Created Using FXCM Marketscope 2.0

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.