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US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Aims to Extend Gains After Hitting a Four-Year High
  • S&P 500 Grinding Slowly Downward After Piercing 2000 Figure
  • Crude Oil Prices Treading Water, Gold May Be Readying to Rise

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

US DOLLAR TECHNICAL ANALYSIS – Prices aretrying to clear the way for continued gains after touching the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11033 exposes the 50% level at 11074. Alternatively, a reversal below the intersection of a rising trend line and the 23.6% Fib at 10983 clears the way for a test of the 14.6% expansion at 10953.

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

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 testing downward-sloping resistance at 1987.90, with a break above that on a daily closing basis exposes the 23.6% Fibonacci expansion at 1994.60. Near-term support is at 1964.40, the September 26 swing low.

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher may be ahead. A break above the 14.6% Fibonacci retracement at 1226.73 on a daily closing basis exposes the 23.6% level at 1239.20. Near-term support is at 1206.49, the September 25 low.

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support at 96.73, the April 2013 low, with a break below that on a daily closing basis exposing the 23.6% Fibonacci expansion at 95.11. Near-term resistance is at 99.59, the September 17 high.

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

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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