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Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

2014-08-28 05:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Setup Warns of Downward Correction Ahead
  • S&P 500 Pauses for a Breather After Clearing 2000.00 Threshold
  • Crude Oil Struggling to Break $103.00, Gold Battering Range Top

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be setting up for a correction downward after putting in a bearish Evening Star candlestick pattern. Near-term support is at 10618, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 10591. Alternatively, a turn above the 14.6% Fib expansion at 10657 clears the way for a test of the 23.6% threshold at 10683.

Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

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 2026.50. Alternatively, a turn back below 1985.30 targets the 38.2% Fib at 1963.70.

Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

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 1265.44, followed by the 100% level at 1257.63.

Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

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.

Gold Fighting to Push Higher, US Dollar Chart Setup Warns of Pullback

Daily Chart - Created Using FXCM Marketscope 2.0

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

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