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Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Drifts Downward to Two-Week Range Bottom
  • S&P 500 Stalling at Resistance Heading into the Year-End
  • Crude Oil Chart Setup Hints a Reversal Lower is Ahead

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break below support at 10657 – a formerly broken range top – exposes the 10612-18 area (marked by the range bottom as well as the lower boundary of a rising channel set from early November). Resistance is at 10685, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 10723.

Forex_Gold_Fails_at_Resistance_Crude_Oil_Chart_Hints_at_Reversal_body_Picture_5.png, Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

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 testing resistance at 1843.40, the 50% Fibonacci expansion, with a break higher exposing the 61.8% level at 1863.00. Near-term support is at 1823.80, the 38.2% Fib, followed by the November 29 high 1813.10 and horizontal pivot cluster in the 1773.40-82.60 area.

Forex_Gold_Fails_at_Resistance_Crude_Oil_Chart_Hints_at_Reversal_body_Picture_6.png, Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices recoiled downward to approach support at 1188.13, the 38.2% Fibonacci expansion. A break downward exposes 1178.58, the 50% level. Resistance is in the 1211.13-17.75, marked by the December 2 low and a falling trend line, with a reversal above that eyeing 1251.54 (October 15 low).

Forex_Gold_Fails_at_Resistance_Crude_Oil_Chart_Hints_at_Reversal_body_Picture_7.png, Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern, hinting a move lower is ahead. Initial support is at 98.61, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 97.30. Resistance is at 100.73, the December 27 high.

Forex_Gold_Fails_at_Resistance_Crude_Oil_Chart_Hints_at_Reversal_body_Picture_8.png, Gold Fails at Resistance, Crude Oil Chart Hints at Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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