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Gold Slides to Three Month Low as US Dollar Accelerates Upward

Gold Slides to Three Month Low as US Dollar Accelerates Upward

2014-09-03 04:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Poised to Extend Rally After Another Resistance Break
  • S&P 500 Continues to Tread Water Near the Key 2000.00 Figure
  • Gold Tumbles to Three-Month Low, Tests Pivotal Channel Floor

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear poised to continue higher after prices advanced to a seven-month high. Near-term resistance is at 10730, the 38.2% Fibonacci expansion, with a break above that on daily closing basis exposing the 50% level at 10766. Alternatively, a turn below the 23.6% Fib at 10687 clears the way for a test of the 14.6% expansion at 10660.

Gold Slides to Three Month Low as US Dollar Accelerates Upward

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 are stalling below the 61.8% Fibonacci expansionat 2006.80. A turn lower from here sees near-term support is in the 1985.30-91.40 area, marked by the July 24 high and the 50% level, with a break below that on a daily closing basis exposing the 38.2% Fib at 1963.70. Alternatively, a turn above 2006.80 targets channel floor support-turned-resistance at 2019.00, followed by the top of the index’s long-term uptrend and the 76.4% expansion in the 2030.50-33.40 area.

Gold Slides to Three Month Low as US Dollar Accelerates Upward

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices accelerated downward anew, with sellers testing support in the 1259.97-62.13 area marked by a falling channel floor and the 50% Fibonacci expansion. A break below this barrier on a daily closing basis exposes the 61.8% level at 1251.38. Alternatively, a reversal above the 38.2% Fib at 1268.56 opens the door for a challenge of the 23.6% expansion at 1279.19.

Gold Slides to Three Month Low as US Dollar Accelerates Upward

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices turned aggressively downward anew, with sellers now aiming to test the 23.6% Fibonacci expansion at 99.82. A daily close below that exposes the 38.2% level at 97.68. Alternatively, a turn back above the 14.6% Fib at 101.13 eyes the September 1 high at 103.27.

Gold Slides to Three Month Low as US Dollar Accelerates Upward

Daily Chart - Created Using FXCM Marketscope 2.0

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

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