Gold Recovery Unravels, SPX 500 Topping Setup Remains in Play
Here you can find all the latest breaking forex and currency news about Gold Recovery Unravels, SPX 500 Topping Setup Remains in Play 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 Attempting to Rebuild Upward Momentum
- S&P 500 Topping Setup Intact for Now After Bounce
- Gold Prices Reverse Sharply Downward as Expected
Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **
US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to build higher as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. The bulls are trying to reclaim momentum following a corrective pullback to resistance-turned-support marked by the top of a falling channel set from early June. Near-term resistance is at 10431, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 10452. Alternatively, a move below triple bottom support in the 10354-75 area targets a multi-year horizontal pivot in play since August 2010 at 10306.
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 are edging lower 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 1944.20-46.80 area, marked by the channel floor and the 23.6% level. Near-term resistance is at 1985.90, the July 3 high, followed by the underside of a previously broken trend line at 1993.00.
Daily Chart - Created Using FXCM Marketscope 2.0
GOLD TECHNICAL ANALYSIS – Prices turned lower anew as expected. Sellers are testing support at 1305.03, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 1292.66. Alternatively, a reversal above the 23.6% Fib at 1320.34 targets rising trend line support-turned-resistance at 1327.40.
Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL TECHNICAL ANALYSIS – Prices renewed their push downward, breaking below the 38.2% Fibonacci retracement at 101.36. Sellers now aim to challenge the $100.00 figure, followed by the 50% level at 99.42. A push below the latter level opens the way for a test of the 61.8% Fib at 97.49. Alternatively, a turn back above 101.36 eyes the 23.6% retracement at 103.76.
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 Recovery Unravels, SPX 500 Topping Setup Remains in Play, 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?