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Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July High

Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July High

2014-08-21 08:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Records the Strongest Two-Day Surge in Seven Weeks
  • S&P 500 Upward March Continues, July High in the Crosshairs
  • Gold Sinks to 2-Month Low as Selloff Continues to Gather Steam

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

US DOLLAR TECHNICAL ANALYSIS – Prices vaulted to a six-month highafter launching a rally as expectedhaving formed a Bullish Engulfing candlestick pattern. Near-term resistance is at 10652, 50%Fibonacci expansion, with a daily close above that exposing the 61.8% level at 10677. Alternatively, a turn below the 38.2% Fib expansion at 10627 clears the way for a test of the 23.6% threshold at 10595.

Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July 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 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 2001.10. Alternatively, a turn back below at 1963.70 targets the 23.6% Fib at 1937.10.

Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices continue to sink, with a daily close below the 61.8% Fibonacci expansion at 1282.47 exposing the 1269.69-72.98 area marked by a falling channel floor and the 76.4% level. Alternatively, a move back above the 50% Fib at 1290.15 opens the door for a test of the 38.2% expansion at 1297.82.

Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July High

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 102.94, the intersection of the 50% Fib and a falling trend line set from mid-June, targets the 38.2% expansion at 104.28.

Gold Sinks to Two-Month Low, SPX 500 Takes Aim at July High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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