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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

Gold Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

Gold Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

Ilya Spivak, Head Strategist, APAC

Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices paused to consolidate following a breakout that seems to mark longer-term uptrend resumption. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. Alternatively, a turn below the intersection of channel top resistance-turned-support and the 23.6% Fib retracement at 10959 clears the way for a test of the 38.2% threshold at 10845.

Gold Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

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 advanced to a one-month high to test resistance at 1987.70, the 23.6% Fibonacci expansion. A break above that on a daily closing basis exposes the 38.2% level at 2010.10. Alternatively, a reversal below the 14.6% Fib at 1973.80 aims for the October 27 low at 1951.40.

Gold Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

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. Sellers now aim to challenge the 23.6% Fibonacci expansion at 1216.87, with a break below that on a daily closing basis exposing the 38.2% level at 1193.16. Alternatively, a reversal back above the 14.6% Fib at 1231.49 aims for the 1248.57-55.20 area marked by a falling trend line set from mid-July and the October 21 high.

Gold Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

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 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 Down Move Stalls, SPX 500 Hits Monthly High Before FOMC

Daily Chart - Created Using FXCM Marketscope 2.0

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

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