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Gold Approaching Monthly Low, US Dollar May Correct Downward

Gold Approaching Monthly Low, US Dollar May Correct Downward

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar May Correct Downward Before Rising Trend Continues
  • S&P 500 Clears a Path Above 2000 After Chart Resistance Break
  • Crude Oil Range-Bound, Gold Prices Approaching Monthly Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear to be on track to resume its longer-term rising trend after completing a Flag continuation pattern last week. 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. The appearance of a Shooting Star candle warns a near-term pullback may be in the cards however. A turn below the 10959-78 zone (rising trend line, 23.6% Fib retracement) clears the way for a test of the 38.2% threshold at 10845.

Gold Approaching Monthly Low, US Dollar May Correct Downward

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 advance after a brief pause, with buyers now aiming to challenge resistance marked by the 38.2% Fibonacci expansion at 2010.10. A break above that on a daily closing basis exposes the 50% level at 2028.30. Alternatively, a reversal below the 23.6% Fib at 1987.70 targets the 14.6% expansion at 1973.80.

Gold Approaching Monthly Low, US Dollar May Correct Downward

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 38.2% Fibonacci expansion at 1193.16, with a break below that on a daily closing basis exposing the 1173.99-78.86 area marked by the December 2013 low and the 50% level. Alternatively, a reversal back above the 23.6% Fib at 1216.87 aims for the 14.6% expansion at 1231.49.

Gold Approaching Monthly Low, US Dollar May Correct Downward

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 Approaching Monthly Low, US Dollar May Correct Downward

Daily Chart - Created Using FXCM Marketscope 2.0

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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