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US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

2010-08-18 00:27:00
Ilya Spivak, Sr. Currency Strategist
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MSCI WORLD STOCK INDEXPrices have rebounded from resistance-turned-support at a rising trend line set from May’s swing top, with the bulls now set to challenge the $1120.55-1131.35 congestion region. The trend line remains as near-term support, now at $1094.58.

US_Dollar_Retreats_and_Gold_Stalls_as_Stocks_Crude_Oil_Recover_From_Support__body_081810_STk.png, US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

US DOLLAR INDEX Prices are consolidating having overcome resistance at the 23.6% Fibonacci retracement of the 6/7-8/6 downswing at 82.12, which has now turned into support. A return to bullish momentum will aim to challenge the 38.2% Fib at 83.37.

US_Dollar_Retreats_and_Gold_Stalls_as_Stocks_Crude_Oil_Recover_From_Support__body_081810_USD.png, US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

CRUDE OIL Prices appear to have found near-term support at the bottom of a rising channel established since late May, now at $75.09. A rebound sees initial resistance at $79.38, with a break beyond that exposing $82.64.

US_Dollar_Retreats_and_Gold_Stalls_as_Stocks_Crude_Oil_Recover_From_Support__body_081810_OIL.png, US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

GOLDPrices have stalled after taking out horizontal resistance at $1215.47 yesterday, with this level now acting as support.Positioning suggests that the path of least resistance continues to favor continued gains, with the next upside barrier lining up at $1243.27.

US_Dollar_Retreats_and_Gold_Stalls_as_Stocks_Crude_Oil_Recover_From_Support__body_081810_GLD.png, US Dollar Retreats and Gold Stalls as Stocks, Crude Oil Recover From Support

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