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Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

2014-11-03 04:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Accelerates to the Highest Level in Over Four Years
  • S&P 500 Extends Higher to Challenge September Swing High
  • Crude Oil Treading Water, Gold at Prices Unseen Since 2010

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

US DOLLAR TECHNICAL ANALYSIS – Prices extended to the highest level in over four years having marked uptrend resumption with a breakout from a Flag pattern. Near-term resistance is at 11143, the October 3 high, with a break above that on a daily closing basis exposing the 38.2% level at 11216. Alternatively, a reversal below the 23.6% Fib at 11102 opens the door for a challenge of trend line support at 10982.

Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

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 have returned to test resistance at 2022.10, the September swing high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 2035.20. Alternatively, a reversal below the 23.6% level at 2009.80 aims for the 14.6% Fib at 1994.20.

Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

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 61.8% Fibonacci expansion at 1154.82, with a break below that on a daily closing basis exposing the 76.4% level at 1131.11. Alternatively, a reversal back above the 1173.99-78.86 area (December 2013 low, 50% Fib) aims for the 38.2% expansion at 1193.16.

Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

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 channel floor support-turned-resistance at 86.47 exposes the 14.6% Fibonacci retracement at 87.67. Near-term support is at 82.88, the October 15 low.

Gold at Prices Unseen Since 2010, SPX 500 Testing September Top

Daily Chart - Created Using FXCM Marketscope 2.0

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

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