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Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

2014-09-12 08:22:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Rally Refuses to Let Up as Prices Hit 13-Month High
  • S&P 500 Continues to Tread Water in a Familiar Trading Range
  • Crude Oil Finds Interim Support, Gold Probe Eight-Month Low

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 unrelentingly higher, tagging the strongest level in 13 months.Near-term resistance is at 10871, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 10919. Alternatively, a reversal below the 23.6% Fib at 10812 opens the door for a challenge of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

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 continue to tread water above support at 1984.60, the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposing the 38.2% level at 1967.30. Alternatively, a reversal above the September 3 high at 2012.60 targets the upper boundary of the index’s long-term uptrend at 2038.40.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are below the 38.2% Fibonacci expansion at 1239.98, with confirmation of a breach on a daily closing basis exposing the 50% level at 1229.60. Alternatively, a turn above the 23.6% level at 1252.82 targets the 14.6% Fib at 1260.73.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are challenging pivotal support at 97.77, the intersection of the 38.2% Fibonacci expansion and a falling channel floor, with a break below that exposing the 50% level at 96.04. Alternatively, a reversal back above the 23.6% Fib 99.91 aims for the channel top at 101.56.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

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

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