Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

By DailyFx | Updated August 27, 2014 AAA

DailyFX.com -

Talking Points:

  • US Dollar Seemingly Undeterred After Rising to a Six-Month High
  • S&P 500 Meets Chart Resistance After Finally Closing Above 2000
  • Gold Tries Another Rebound, Crude Oil Sees Resistance Sub-$103

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 upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively, a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

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 ANALYSISPrices extended upward after clearing resistance in the 1985.30-91.40 area marked by the 50% Fibonacci expansion and the July 24 high, with the bulls targeting the intersection of a formerly broken channel floor and the 61.8% level at 2006.80. A further push beyond that aims for the outer boundary of the index’s long-term uptrend at 2025.80. Alternatively, a turn back below 1985.30 targets the 38.2% Fib at 1963.70.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are once again testing above resistance at 1282.47, the 61.8% Fibonacci expansion. A break above this barrier on a daily closing basis exposes the 50% level at 1290.15. Alternatively, a reversal below the 76.4% Fib at 1272.98 targets a falling channel floor at 1266.11, followed by the 100% level at 1257.63.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are attempting to inch higher as expected after showing positive RSI divergence on a test of support at 101.61, the 61.8% Fibonacci expansion.A daily close above 102.94, the intersection of the 50% level and a falling trend line set from mid-June, targets the 38.2% Fib at 104.28. Alternatively, a break below 101.61 exposes the 76.4% expansion at 99.96.

Crude Oil and Gold Attempt Recovery, SPX 500 Closes Above 2000

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EURUSD Running Out of Steam On the Hint of Negative Divergence

  2. Forex News

    Forecast: Will Dollar and Equity Declines Evolve into Reversals?

  3. Forex News

    Dollar Stumbles but Will it Fall as Markets Debate Fed Hikes?

  4. Forex News

    1173 Key Support in Focus as Gold Preserves Monthly Opening Range

  5. Forex News

    Australian Dollar to Weigh 1Q CPI, China PMI as RBA Bets Evolve

Trading Center