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Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

2015-04-09 06:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Coiling Up, May Be Readying to Break Higher
  • S&P 500 Continues to Struggle at Near-Term Range Top
  • Crude Oil Digesting, Gold Trying to Resume 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 carving out a symmetrical Triangle, a chart pattern hinting at on-coming uptrend continuation. A daily close above 12066 (14.6% Fibonacci expansion, Triangle top) exposes the 12149-77 area (March 13 high, 23.6% level). Alternatively, a move below Triangle floor support at 11970 opens the door for a challenge of the 11858-86 zone (March 18 low, 23.6% Fibonacci retracement).

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

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 are consolidating after moving lower as expected following the appearance of a bearish Evening Star candlestick pattern. A daily close below the March 12low at 2040.10 exposes the 38.2% Fibonacci retracement at 2004.60. Alternatively, a reversal above the 14.6% Fib expansion at 2084.00 targets the 2111.00-19.40 area (23.6% threshold, February 25 high).

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are edging lower after putting in a bearish Three Inside Down candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 1200.07 exposes the 1178.38-85.23 area marked by the 23.6% level and the March 31 low. Near-term resistance is at 1224.15, the April 6 high.

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices continue to consolidate below the $60/barrel figure. A daily close below trend line support at 54.64 exposes the March 17 low at 52.55. Alternatively a break above the 38.2% Fibonacci expansion at 59.35 targets the 50% level at 61.45.

Gold Trying to Resume Down Trend, US Dollar Coiling Up for Breakout

Daily Chart - Created Using FXCM Marketscope

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

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