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Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

2014-11-05 07:59:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

US DOLLAR TECHNICAL ANALYSIS – Prices corrected downward after piercing October’s high to hit the strongest level in over four years. Near-term resistance is at 11216, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11308. Alternatively, a reversal below the 11102-43 area marked by the October 3 high and the 23.6% Fib opens the door for a challenge of trend line support at 10993.

Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

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.

Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

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. A daily close below the 61.8% Fibonacci expansion at 1154.82 exposes 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.

Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are back under pressure, with a breach below the 14.6% Fibonacci expansion at 83.12 exposing the 23.6% level at 80.17. A further move below that aims for the 38.2% Fib at 75.38. Alternatively, a reversal back above 83.12 targets falling channel floor support-turned-resistance at 86.05.

Crude Oil and Gold Prices Drop to Levels Unseen Since 2010

Daily Chart - Created Using FXCM Marketscope 2.0

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

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