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Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

2014-10-13 05:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Finds Interim Support After Last Week’s Reversal
  • S&P 500 Dips Below 1900 After Breaking 16-Month Uptrend
  • Crude Oil Stalling at 2-Year Low, Gold Extending Rebound

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting a recovery after falling as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close above the 14.6% Fibonacci retracement at 11066 exposes the 38.2% Fib expansion at 11146. Alternatively, a turn back below the 23.6% retracement 11019 clears the way for a test of the 38.2% threshold at 10942.

Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

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 ANALYSIS – Prices are testing below support I the 1899.10-1900.80 area marked by the April 4 high and the 76.4% Fibonacci expansion to take aim at the 100% level at 1877.90. A daily close below the latter level expose the 123.6% Fib at 1855.00. Alternatively, a reversal back above 1900.80 aims for the 61.8% expansion at 1915.00.

Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A continued push higher through the 38.2% Fibonacci retracement at 1236.31 exposes the 50% level at 1252.80. Alternatively, a turn below the 23.6% level at 1215.91 targets the intersection of falling channel top resistance-turned-support and the 14.6% Fib at 1203.33.

Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are testing support in the 87.73-88.47 area, marked by the 50% Fibonacci expansion and the June 2012 low. A break below that on a daily closing basis exposes the 61.8% level at 85.36. Alternatively, a reversal above the intersection of channel floor support-turned-resistance and the 38.2% Fib at 90.11 aims for the 23.6% expansion at 93.04.

Gold Extends Recovery, SPX 500 Dips Sub-1900 After Breaking Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

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

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