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Gold Turns Lower as Expected, US Dollar May Have Resumed Uptrend

Gold Turns Lower as Expected, US Dollar May Have Resumed Uptrend

2014-10-24 03:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Uptrend Looks to be Resuming After Brief Pullback
  • S&P 500 Resumes Recovery, Moves to the Highest in 3 Weeks
  • Crude Oil Eyes Resistance Sub-88.00, Gold Turns as Expected

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

US DOLLAR TECHNICAL ANALYSIS – Prices look to be resuming its long-term uptrend as prices break out of a Flag chart formation. Near-term resistance is in the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high, with a break above that on a daily closing basis exposing the 38.2% level at 11216. Alternatively, a reversal back below channel top channel top resistance-turned-support at opens the door for a challenge of the 10918-59 area (23.6% Fib retracement, October 15 low).

Gold Turns Lower as Expected, US Dollar May Have Resumed 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 took out resistance at 1944.50 marked by the intersection of the 61.8% Fibonacci retracement and a falling trend line set from mid-September, exposing the 76.4% level at 1974.10. A further push beyond that aims for the September 19 high at 2022.10. Alternatively, a turn back below 1944.50 targets the 50% Fib at 1920.50.

Gold Turns Lower as Expected, US Dollar May Have Resumed Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices turned lower as expected after putting in a bearish Evening Star candlestick pattern below resistance at a falling trend line set from mid-July. From here, a daily close below the 14.6% Fibonacci expansion at 1231.49 exposes the 23.6% level at 1216.87. Near-term resistance is in the 1252.49-55.20 area, marked by the trend line and the October 21 high.

Gold Turns Lower as Expected, US Dollar May Have Resumed Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Bullish Engulfing candlestick pattern, hinting a bounce may be ahead. A break above the 87.67, the intersection of the 14.6% Fibonacci retracement and channel floor support-turned-resistance, exposes the 23.6% level at 90.62. Near-term support is at 82.88, the October 15 low.

Gold Turns Lower as Expected, US Dollar May Have Resumed Uptrend

Daily Chart - Created Using FXCM Marketscope 2.0

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

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