Gold Stalls After Bounce; SPX Turns Indecisive
Dailyfx | Jun 10, 2014 03:53AM ET
Prices are in consolidation mode after securing a key upside breakout three weeks ago. The first layer of significant resistance remains at 10531, the May 28 high. A daily close above that exposes the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of a recently broken falling channel top at 10404.
Prices broke resistance at 1933.00, the 76.4%Fibonacci expansion, exposing the 100% level at 1954.90. A further push beyond that targets the 123.6% Fib at 1976.80. A Shooting Star candlestick points to indecision and warns a pullback may be ahead.A reversal back below 1933.00 clears the way for a descent to 1919.40, marked by the 61.8% expansion.
Prices turned lower as expected, confirming a descending Triangle chart formation. A break below the 76.4% Fibonacci expansionat 1243.24 exposes the 100% level at 1216.11. Resistance is at 1260.03, the 61.8% Fib, with a reversal back above that clearing the way for an advance into the 1273.59-77.00 area marked by the 50% retracement and the Triangle bottom.
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Prices edged past resistance at 104.44, marked by a falling trend line set from early March and the 50% Fibonacci expansion. Buyers now aim to challenge the 61.8% level at 105.12, with a break above that exposing the 76.4% Fib at 105.96. Alternatively, a move back below 104.44 on a daily closing basis eyes the 38.2% expansion at 103.76.
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