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Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

2014-10-07 02:42:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Reverses Lower After Advancing to a Six Year High
  • S&P 500 Recovery Thwarted at Familiar Channel Resistance
  • Gold Bounces to Challenge Confines of 2-Month Down Trend

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

US DOLLAR TECHNICAL ANALYSIS – Prices may turn lower after prices put in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 11019 exposes the 38.2% level at 10942. Alternatively, a reversal above the October 3 high at 11143 clears the way for a test of the 38.2% Fib expansion at 11176.

Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

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 remain wedged between falling channel top resistance at 1962.60 and the 23.6% Fibonacci expansion at 1955.30. A break above resistance on a daily closing basis exposes the 38.2% level at 1974.00. Alternatively, a turn below support targets the 14.6% Fib at 1943.80.

Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices put in a bullish Piercing Line candlestick pattern, hinting a rebound may be ahead. A break above the intersection of the 23.6% Fibonacci retracement and a falling channel top at 1215.91 exposes the 38.2% level at 1236.31. Alternatively, a turn below the 14.6% Fib at 1203.33 targets the December 2013 low at 1178.86.

Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to challenge support at 90.11, the 38.2% Fibonacci expansion. A break below that exposes the 50% level at 87.73. Alternatively, a reversal above the 23.6% Fib at 93.04 aims for the 14.6% expansion at 94.85.

Gold Threatens Two-Month Down Trend, SPX 500 Rebound Thwarted

Daily Chart - Created Using FXCM Marketscope 2.0

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

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