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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

Ilya Spivak, Head Strategist, APAC

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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