Gold Jumps to Four-Month High Upward Momentum May Be Fleeting
Here you can find all the latest breaking forex and currency news about Gold Jumps to Four-Month High Upward Momentum May Be Fleeting including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
Talking Points:
- US Dollar Poised to Renew Advance After Pullback
- S&P 500 Resumes Reversal, Touches Two-Week Low
- Gold Hits 4-Month High But Gains May Be Fleeting
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A shallow pullback looks corrective in the context of the upside breakout that cleared resistance at the top of a falling channel set from early June. A daily close above resistance at 10431, the 38.2% Fibonacci retracement, targets the 50% level at 10452. Alternatively, a turn back below channel top resistance-turned-support at 10388 exposes a triple bottom in the 10354-75 area.
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 fell as expected after putting in a bearish Evening Star candlestick pattern at the top of a rising channel set from mid-April. A break below the 14.6% Fibonacci retracement at 1960.10 on a daily closing basis exposes the 23.6% level at 1944.20, a barrier reinforced by a rising channel floor set from mid-April. Near-term trend line support-turned-resistance is at 1989.10, followed by the July 3 highat 1985.90.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices broke upward out of a consolidation range, with buyers now testing resistance marked by the 38.2% Fibonacci expansion at 1343.20. A break above this barrier on a daily closing basis exposes the 50% level at 1354.20. Negative RSI divergence warns of ebbing bullish momentum however and hints a reversal lower may be ahead. A reversal below the 23.6% Fib at 1329.58 aims for a rising trend line set from early June, now at 1321.96.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices may be carving out a double bottom after showing a bullish Piercing Line candlestick pattern above support at 101.56, the June 5 swing low. Near-term resistance is at 102.96, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 103.85. Alternatively, a reversal below support initially targets the 100.00 figure.
Daily Chart - Created Using FXCM Marketscope 2.0
--- 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
original source
The article above is about breaking forex and currency news regarding Gold Jumps to Four-Month High Upward Momentum May Be Fleeting, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- Japanese Yen Gains, Nikkei Falls as BOJ Leaves Policy Unchanged
- Chinese Business Sentiment Contracts for the First Time in 4 Months
- Dismal UK Retail Sales to Spur Another Test of GBP/USD Resilience
- Forex-Webinar:-FOMC-Minutes-Reinforce-Hike-Forecast
- Trading Video: Dollar Fails to Rally on Hawkish FOMC, Equities Rally
- Among Top Themes, Where is the Risk Most Potent: Fed Hike, China, EM?
- EUR/USD Technical Analysis: Looking to Short on Bounce
- US Dollar Declines as FOMC Minutes Bring Nothing New to the Table
- US DOLLAR Technical Analysis: USD Holds Support on FOMC Minutes
- WTI Crude Oil Price Forecast: What Now That $40bbl Broke?
- Fingertrp Scalping with James Stanley (Using Tradingview Charts)
- EUR/USD Risks Fresh Monthly Lows on Hawkish FOMC Minutes
- Analyst Pick - Kiwi & CAD in Focus
- Price & Time: USD/CAD ? It?s Showtime
- GBP/USD Ranges Ahead of FOMC Minutes
- President Xi Warns That China Faces Considerable Downward Pressure
- FOMC Minutes Later Today - USD Set for October 28 Redux
- Silver Price Is Targeting Its Yearly Low
- FTSE 100: Commodity Markets Wants to See The FTSE 100 at 6040
- DAX 30: Momentum Slows Down, FOMC Minutes on Tap
- US Dollar May Extend Gains as Fed Minutes Foreshadow Rate Hike
- Copper Surplus Faces Falling Premiums; Gold Slides before Fed Minutes
- China Real Estate Market Recovery Slows in October
- Traders Not as Confident of Fed Hike as Markets, Economists
- EUR/GBP Technical Analysis: Euro Drops to 3-Month Low
- Dollar Unmoved After China Treasury Holdings Hit a 7 Month Low
- Can Dollar Climb Continue After FOMC Forecast Shift?
- Dollar’s CPI Rally Lacking, Stall in Risk Raises Yen Crosses Appeal
- NZD/USD Technical Analysis: Short Trade Activated Sub-0.65
- Will the DAX Crack or Cower from Resistance?