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Gold Approaching Monthly Low, US Dollar May Correct Downward

From dailyfx.com

US DOLLAR TECHNICAL ANALYSIS – Prices appear to be on track to resume its longer-term rising trend after completing a Flag continuation pattern last week. A daily close above the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level at 11216. The appearance of a Shooting Star candle warns a near-term pullback may be in the cards however. A turn below the 10959-78 zone (rising trend line, 23.6% Fib retracement) clears the way for a test of the 38.2% threshold at 10845. S&P 500 TECHNICAL ANALYSIS – Prices resumed their advance after a brief pause, with buyers now ... (full story)

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