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Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

2014-08-27 06:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Seemingly Undeterred After Rising to a Six-Month High
  • S&P 500 Meets Chart Resistance After Finally Closing Above 2000
  • Gold Tries Another Rebound, Crude Oil Sees Resistance Sub-$103

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 upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively, a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

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 extended upward after clearing resistance in the 1985.30-91.40 area marked by the 50% Fibonacci expansion and the July 24 high, with the bulls targeting the intersection of a formerly broken channel floor and the 61.8% level at 2006.80. A further push beyond that aims for the outer boundary of the index’s long-term uptrend at 2025.80. Alternatively, a turn back below 1985.30 targets the 38.2% Fib at 1963.70.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are once again testing above resistance at 1282.47, the 61.8% Fibonacci expansion. A break above this barrier on a daily closing basis exposes the 50% level at 1290.15. Alternatively, a reversal below the 76.4% Fib at 1272.98 targets a falling channel floor at 1266.11, followed by the 100% level at 1257.63.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to inch higher as expected after showing positive RSI divergence on a test of support at 101.61, the 61.8% Fibonacci expansion.A daily close above 102.94, the intersection of the 50% level and a falling trend line set from mid-June, targets the 38.2% Fib at 104.28. Alternatively, a break below 101.61 exposes the 76.4% expansion at 99.96.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

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

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