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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

Ilya Spivak, Head Strategist, APAC

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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