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Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

2014-10-02 07:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Positioning Warns of a Pullback Ahead
  • S&P 500 Taps 7-Week Low as Prices Lose Grip on 2000 Mark
  • Gold Trying to Rise from 9-Month Low, Crude Oil at Support

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

US DOLLAR TECHNICAL ANALYSIS – Prices put in a Shooting Star candlestick, hinting a pullback may in the cards. Near-term support is at 11033, marked by the intersection of the 38.2% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the 23.6% level at 10983. Alternatively, a push above the 50% Fib at 11074 opens the door for a challenge of the 61.8% expansion at 11114.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

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 moved sharply lower, with sellers now aiming to challenge the intersection of the 76.4% Fibonacci expansion and a falling channel floor at 1941.80. A break below that on a daily closing basis exposes the 100% level at 1928.20. Alternatively, a reversal above the 61.8% Fib at 1950.20 aims for the 50% expansion at 1957.10.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1221.70, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1232.34. Alternatively, a reversal below the 23.6% Fib expansion at 1203.76 aims for the 38.2% threshold at 1186.80.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices edged past support at 95.11, the 23.6% Fibonacci expansion, to challenge falling channel floor support at 93.91. A break below that exposes the 38.2% level at 92.34. Alternatively, a turn back above the 95.11 eyes the 96.73-82 area, marked by the April 18 2013 low and the 14.6% Fib.

Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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