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Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Selloff Resumes After a Brief Two-Day Pause
  • S&P 500 Races Downward, Slumps to Five-Month Low
  • Crude Oil Continues to Sink as Gold Meets Resistance

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

US DOLLAR TECHNICAL ANALYSIS – Prices turned downward as expected after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 10942, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 10880. Alternatively, a reversal above the 23.6% Fib expansion at 11069 opens the door for a challenge of the 38.2% threshold at 11146.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month 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 ANALYSIS – Prices took out support at 1877.90, the 100% Fibonacci expansion, with sellers now poised to challenge the 123.6% level at 1855.00. A further push below that aims for the 138.2% Fib at 1840.80. Alternatively a daily close back above 1877.90 targets the 1899.10-1900.80 area marked by the April 2014 high and the 76.4% expansion.

Gold Meets Chart Resistance, SPX 500 Dives to Five-Month Low

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 Meets Chart Resistance, SPX 500 Dives to Five-Month Low

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 Meets Chart Resistance, SPX 500 Dives to Five-Month Low

Daily Chart - Created Using FXCM Marketscope 2.0

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

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