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Gold Selloff Continues, US Dollar Rally Regains Momentum

Gold Selloff Continues, US Dollar Rally Regains Momentum

2014-08-20 04:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Soars to 6-Month High as Rally Regains Momentum
  • S&P 500 Eyeing Pivotal Resistance Marked by July Swing Top
  • Gold Selloff Continues for Third Day, Crude Oil May Rebound

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

US DOLLAR TECHNICAL ANALYSIS – Prices resumed their advance having reversed upward as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 10627 exposes the 50% level at 10652. Alternatively, a reversal back below the 23.6% Fib at 10595 opens the door for a challenge of the 14.6% expansion at 10576.

Gold Selloff Continues, US Dollar Rally Regains Momentum

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 broke above the 38.2% Fibonacci expansion at 1963.70, exposing the 1985.30-91.40 area marked by the 50% level and the July 24 high. A further push beyond that aims for channel floor support-turned-resistance at 1999.10. Alternatively, a turn back below at 1963.70 targets the 23.6% Fib at 1937.10.

Gold Selloff Continues, US Dollar Rally Regains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices broke support at 1297.82, the 38.2% Fibonacci expansion, to expose. the 50% level at 1290.15. A further push below that targets the 61.8% Fib at 1282.47. Alternatively, a reversal back above 1297.82 opens the door for a test of the 23.6% expansion at 1307.31.

Gold Selloff Continues, US Dollar Rally Regains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 101.61, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 99.96. Positive RSI divergence points to ebbing downside momentum however, warning a bounce may be ahead. A move above the 50% Fib at 102.94 targets the 103.81-104.28 area marked by a falling trend line and the 38.2% expansion.

Gold Selloff Continues, US Dollar Rally Regains Momentum

Daily Chart - Created Using FXCM Marketscope 2.0

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

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