Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Talking Points:

  • US Dollar Rally Refuses to Let Up as Prices Hit 13-Month High
  • SP 500 Continues to Tread Water in a Familiar Trading Range
  • Crude Oil Finds Interim Support, Gold Probe Eight-Month Low

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to push unrelentingly higher, tagging the strongest level in 13 months.Near-term resistance is at 10871, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 10919. Alternatively, a reversal below the 23.6% Fib at 10812 opens the door for a challenge of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

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.

SP 500 TECHNICAL ANALYSISPrices continue to tread water above support at 1984.60, the 23.6% Fibonacci retracement. A break below that on a daily closing basis exposing the 38.2% level at 1967.30. Alternatively, a reversal above the September 3 high at 2012.60 targets the upper boundary of the index’s long-term uptrend at 2038.40.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart – Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are below the 38.2% Fibonacci expansion at 1239.98, with confirmation of a breach on a daily closing basis exposing the 50% level at 1229.60. Alternatively, a turn above the 23.6% level at 1252.82 targets the 14.6% Fib at 1260.73.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart – Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are challenging pivotal support at 97.77, the intersection of the 38.2% Fibonacci expansion and a falling channel floor, with a break below that exposing the 50% level at 96.04. Alternatively, a reversal back above the 23.6% Fib 99.91 aims for the channel top at 101.56.

Gold Prices Probe 8-Month Low, SPX 500 Stuck in a Holding Pattern

Daily Chart – Created Using FXCM Marketscope 2.0

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

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