#USDX Analysis for November 7, 2013 Trend News

We look for lower levels in the Dollar index as the prices are expected to make a downward correction. The upward move from 79 is most probably complete as the current price action has pushed the chart outside of the upward sloping channel.

The dollar index is curently magnetised by the 80.50 support area. We believe that at least a move towards the 38% Fibonacci retracement is very possible. Breaking below 80.38 will confirm that the index is heading lower. As long as prices trade below 80.74 the trend will favor bearish positions with 80.15 target.

The daily chart shows the current price corrective phase we are in. The longer term green trend line was broken upwards and we could soon see a back test of this broken resistance. There are increased chances that the 79 is an important low. However, we remain neutral to bearish, targeting 80.15-80 for the corrective pullback.

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Gold analysis for November 7, 2013 Trend News

Gold continues trading inside the sideways triangle as shown in the chart below. Prices are trendless for the time being and we are waiting with a neutral stance as long as this sideways move continues.

Gold has paused its decline at the 50% Fibonacci retracement of the upward move from 1,250 to 1,360. This downward corrective move could have one last leg down towards the 61.8% Fibonacci retracement. Above 1,325 this scenario will have small chances. If the triangle is broken downwards then we could see the 61.8% retracement.

The bulls will need first to break above 1,325 short-term resistance and then above the red trend line resistance at 1,350-60. Inability to break above those levels could push Gold prices towards 1,250-60 where the Head and shoulders pattern will be tested as mentioned many times before in our previous analysis. Concluding, short-term resistance is found at 1,325 and short-term support is found at 1,305 and then at 1,290. For now we are neutral. Short-term traders could take action when the triangle breaks.

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