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Gold Rallies Most in Five Months, SPX 500 Stalling Near Record High

Gold Rallies Most in Five Months, SPX 500 Stalling Near Record High

2014-11-10 04:26:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Chart Setup Warns of Pullback from 5-Year High
  • S&P 500 Stalling Near Record High Above the 2000 Figure
  • Crude Oil Locked in a Range, Gold Rallies Most in 5 Months

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear vulnerable to a correction lower having produced a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 11211 exposes the 11143-55 area marked by the October 3 high and the 38.2% level. Alternatively, a turn above the 14.6% retracement at 11246 opens the door for a challenge of the 50% Fib expansion at 11295.

Gold Rallies Most in Five Months, SPX 500 Stalling Near Record High

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 stalling near the 14.6% Fibonacci expansion at 2032.30. A break upward initially exposes 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 Rallies Most in Five Months, SPX 500 Stalling Near Record High

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices recoiled sharply higher to test resistance in the 1178.86-80.84 area marked by the December 2013 low and the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes the 38.2% level at 1212.23. Alternatively, a reversal below the 14.6% retracement at 1161.49 aims for the 76.4% Fib expansion at 1131.11.

Gold Rallies Most in Five Months, SPX 500 Stalling Near Record High

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 85.22-73 area marked by falling channel floor support-turned-resistance and the 14.6% expansion.

Gold Rallies Most in Five Months, SPX 500 Stalling Near Record High

Daily Chart - Created Using FXCM Marketscope 2.0

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

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