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Gold Digesting Losses, SPX 500 Aiming to Extend Advance

Gold Digesting Losses, SPX 500 Aiming to Extend Advance

2014-11-07 04:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Overcomes 2010 Peak, Advances to Five-Year High
  • S&P 500 Aiming Higher After Clearing Another Chart Barrier
  • Crude Oil Stalling at Four-Year Low, Gold Digesting Losses

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to march upward, clearing the 2010 high to hit the highest level in over five years. Near-term resistance is at 11308, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11400. Alternatively, a reversal below the 38.2% Fib at 11216 clears the way for a test of the 11102-43 area marked by the October 3 high and the 23.6% expansion.

Gold Digesting Losses, SPX 500 Aiming 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 are poised to continue upward after clearing resistance at 2032.30, the 14.6% Fibonacci expansion. Buyers are now aiming for the 23.6% level at 2051.00, with a close above that exposing the 38.2% Fib at 2081.20. Alternatively a reversal back below resistance-turned-support at 2022.10, the September 19 high, clears the way for a test of the November 4 low at 2002.10.

Gold Digesting Losses, SPX 500 Aiming 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 Digesting Losses, SPX 500 Aiming 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 Digesting Losses, SPX 500 Aiming to Extend Advance

Daily Chart - Created Using FXCM Marketscope 2.0

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

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