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Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

2014-07-25 05:20:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Resumes Advance, Moves to Five-Week High
  • S&P 500 Taps Record High as Push to 2000 Continues
  • Gold Sets Monthly Low, Crude Oil in Digestion Mode

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to push higher as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 23.6% Fibonacci retracement at 10456 has exposed a horizontal pivot at 10481. Pushing further beyond that targets the 38.2% level at 10513. Alternatively, reversal back below 10456 opens the door for a challenge of a rising trend line set from the July 1 low at 10439.

Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

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 resumed their move upward to set a new record high. Near-term resistance is at 1995.80, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 2010.40. Alternatively, a reversal below the 23.6% Fib at 1977.70 aims for the bottom of a rising channel set from mid-April, now at 1965.00.

Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing support in the 1291.48-92.03 area, marked by the July 15 low and the 61.8% Fibonacci expansion. A daily close below that exposes the 76.4% level at 1283.73. Alternatively, a reversal above the 50% Fib at 1297.74 aims for the 38.2% expansion at 1304.00.

Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are consolidating above support at 101.87, the 23.6% Fibonacci expansion. A break below that on a daily closing basis exposes the 38.2% level at 100.61. Near-term resistance is at 103.91, the July 18 high, with a move above that eyeing 104.73.

Gold Sets Monthly Low as US Dollar Moves to a Five-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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