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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

Ilya Spivak, Head Strategist, APAC

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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