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Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

2014-08-11 04:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Positioning Hints at Pullback Ahead
  • S&P 500 Corrects Higher After Testing Below 1900 Figure
  • Gold Rebound Stalls, Crude Oil Aiming Higher at Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices may correct lower after rising as expected after showing a Bullish Engulfing candlestick pattern. The appearance of negative RSI divergence below resistance at 10560, the 50% Fibonacci retracement, hints at ebbing upside momentum. A break below the 38.2% level at 10513 on a daily closing basis exposes a rising trend line established from the July 1 low, now at 10484. Alternatively, a move above 10560 clears the way for a challenge of the 61.8% Fib at 10606.

Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

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 declined as expected after putting in a bearish Evening Star candlestick pattern with negative RSI divergence. A bounce following a test of the 1900.00 figure sees prices testing resistance at 1931.30, the 38.2% Fibonacci retracement, with a close above that targeting the 50% level at 1942.80. Alternatively, a turn below the 23.6% Fib at 1917.10 aims for the August 8 low at 1894.10.

Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices launched higher as expected after putting in a bullish Piercing Line candlestick pattern. Resistance is now at 1320.12, the 38.2% Fibonacci expansion. A break above that on a daily closing basis exposes the 50% level at 1332.49. Alternatively, a reversal below the 23.6% Fib at 1304.81 clears the way for a test of the 14.6% expansion at 1295.37.

Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to recover after putting in a bullish Piercing Line candlestick pattern above support at a rising trend line set from June 2012. Near-term resistance is at 98.93, the 14.6% Fibonacci expansion, with a break above that exposing the 23.6% level at 100.41. Trend lien support is now at 96.45.

Gold Recovery Stalls, US Dollar May Be Due to Correct Downward

Daily Chart - Created Using FXCM Marketscope 2.0

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

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