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Gold Hits One-Month High, SPX 500 Dips to Weakest in Six Months

Gold Hits One-Month High, SPX 500 Dips to Weakest in Six Months

2014-10-16 06:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Drops Most in a Year as Liquidation Resumes
  • S&P 500 Selloff Resumes as Prices Dip to Six-Month Low
  • Crude Oil Continues to Sink, Gold Hits One-Month High

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

US DOLLAR TECHNICAL ANALYSIS – Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern, issuing the largest daily drop in a year. Near-term support is at 10845, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposingthe 10753-56 area marked by the January 2014 and the 50% level. Alternatively, a reversal above support-turned-resistance at 10984 opens the door for a challenge of October 15 high at 11076.

Gold Hits One-Month High, SPX 500 Dips to Weakest in Six 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 ANALYSIS – Prices resumed their downward push after a brief respite, dipping to the lowest level in six months. A daily close below the 38.2% Fibonacci expansion at 1840.10 exposes the 50% level at 1822.20. Alternatively, a reversal above the 23.6% Fib at 1862.40 aims for the 14.6% expansion at 1876.10, followed by the October 14 high at 1898.40.

Gold Hits One-Month High, SPX 500 Dips to Weakest in Six Months

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 break above the 38.2% Fibonacci retracement at 1244.88 on a daily closing basis exposes the 50% level at 1264.01. Alternatively, a turn below the 23.6% Fib at 1221.20 targets the 14.6% retracement at 1206.61.

Gold Hits One-Month High, SPX 500 Dips to Weakest in Six Months

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to face heavy selling pressure and now aim to challenge the 76.4% Fibonacci expansion at 82.43. A daily close below this barrier initially exposes the 100% level at 77.69. Alternatively, a reversal above the 61.8% Fib at 85.36 aims for the 38.2 expansion at 87.73.

Gold Hits One-Month High, SPX 500 Dips to Weakest in Six Months

Daily Chart - Created Using FXCM Marketscope 2.0

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

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