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Gold Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

Gold Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

2014-10-08 05:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Chart Setup Warns Prices May Be Forming a Top
  • S&P 500 Closes at Weakest in 2 Months as Selloff Accelerates
  • Gold Trying to Break Higher, Crude Oil Sinks to 2-Year Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be carving out a near-term top after producing a bearish Dark Cloud Cover candlestick pattern. Near-term support is in the 10998-11019 area, marked by the October 2 low and the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposes the 38.2% level at 10942. Alternatively, a turn above the October 3 high at 11143 opens the door for a challenge of the 38.2% Fib expansion at 11176.

Gold Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

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 test the 50% Fibonacci expansion at 1929.10. A daily close below that exposes the intersection of the index’s long-term rising trend and the 61.8% level at 1917.70. Alternatively, a reversal above the 38.2% Fib at 1940.50 targets falling channel top resistance at 1957.00.

Gold Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are attempting to edge higher as expected after putting in a bullish Piercing Line candlestick pattern. 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 Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

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 Trying to Break Higher, SPX 500 Issues Lowest Close in 2 Months

Daily Chart - Created Using FXCM Marketscope 2.0

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

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