We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Last week, USD/CAD reversed from an over two-week low and pointed higher. Will today’s US inflation numbers (13:30UK) boost the pair’s rally? #USD/CAD, #USinflation, #USD https://t.co/c0BVB3drY6
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRefAXX https://t.co/JDikSRdPyY
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/H8mFeHAyDS
  • 💶 Industrial Production YoY (MAY) Actual: -20.9% Expected: -20% Previous: -28.7% https://www.dailyfx.com/economic-calendar#2020-07-14
  • 💶 ZEW Economic Sentiment Index (JUL) Actual: 59.6 Previous: 58.6 https://www.dailyfx.com/economic-calendar#2020-07-14
  • 🇩🇪 ZEW Current Conditions (JUL) Actual: -80.9 Expected: -65 Previous: -83.1 https://www.dailyfx.com/economic-calendar#2020-07-14
  • 🇩🇪 ZEW Economic Sentiment Index (JUL) Actual: 59.3 Expected: 60 Previous: 63.4 https://www.dailyfx.com/economic-calendar#2020-07-14
  • 💶 Industrial Production YoY (MAY) Actual: -20.9% Expected: -20% Previous: -28% https://www.dailyfx.com/economic-calendar#2020-07-14
  • Heads Up:🇩🇪 ZEW Current Conditions (JUL) due at 09:00 GMT (15min) Expected: -65 Previous: -83.1 https://www.dailyfx.com/economic-calendar#2020-07-14
  • Heads Up:🇩🇪 ZEW Economic Sentiment Index (JUL) due at 09:00 GMT (15min) Expected: 60 Previous: 63.4 https://www.dailyfx.com/economic-calendar#2020-07-14
Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

2014-12-10 06:34:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • US Dollar Chart Setup Points to Downward Correction Ahead
  • S&P 500 May Have Formed a Double Top Below 2100 Figure
  • Crude Oil Drop Pauses, Gold Breaks Five-Month Down Trend

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing for a pullback having put in a bearish Evening Star candlestick pattern below a five-year high. A daily close below the 14.6% Fibonacci retracement at 11434 exposes the 23.6% level at 11379. Alternatively, a turn above the 23.6% Fib expansion at 11528 opens the door for a challenge of the 38.2% threshold at 11616.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices began to turn lower as expected. A drop below the 2041.50-49.10 area marked by the 14.6% Fibonacci retracement and the December 1 low exposes the 2018.10-22.10 zone (23.6% level, September 19 high). Alternatively, a move above the 2075.90-86.60 region (November 26 high, 14.6% Fib expansion) targets the 23.6% expansion at 2109.80.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices overcome resistance at a falling trend line set from early July, exposing the 50% Fibonacci retracement at 1237.59. A break above this barrier on a daily closing basis exposes the 61.8% level at 1262.96. Alternatively, a turn back below the intersection of the trend line and the 38.2% Fib at 1212.23 targets the 23.6% retracement at 1180.84.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices paused to consolidate losses after five consecutive days of downward momentum. A break below the 50% Fibonacci expansion at 65.96 exposes the 61.8% level at 64.30. Alternatively, a move above the 38.2% Fib at 67.63 targets the 23.6% expansion at 69.68.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES

News & Analysis at your fingertips.