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Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

2014-11-06 04:37:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Poised to Extend Gains After Break of Resistance
  • S&P 500 Clears September Top, Sets Another Record High
  • Crude Oil Digesting Losses, Gold Drops Most in 11 Months

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

US DOLLAR TECHNICAL ANALYSIS – Prices look poised to extend its advance after prices cleared yet another technical barrier. A daily close above the 50% Fibonacci expansion at 11308 exposes the 61.8% level at 11400. Alternatively, a turn below the 38.2% Fib at 11216 opens the door for a challenge of the 11102-43 area marked by the October 3 high and the 23.6% expansion.

Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

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 overcome September’s top at 2022.10, setting a new record high. Near-term resistance is now at 2032.30, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 23.6% level at 2051.00. Alternatively, a reversal back below 2022.10 sees support at 2002.10, the November 4 low.

Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

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 76.4% Fibonacci expansion at 1131.11 exposes the 100% level at 1092.78. Alternatively, a reversal back above the 61.8% Fib at 1154.82 aims for the 1173.99-78.86 area (December 2013 low, 50% expansion).

Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices paused to digest losses after touching a four-year low. A daily close below the 38.2% Fibonacci expansion at 82.22 targets the 50% level at 80.46. Alternatively, a reversal above the 23.6% Fib at 84.39 aims for the intersection of the 14.6% expansion and channel floor support-turned-resistance at 85.73.

Gold Drops Most in 11 Months, US Dollar Poised to Extend Advance

Daily Chart - Created Using FXCM Marketscope 2.0

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

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