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Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Hits Five-Year High as Upward Momentum Rebuilds
  • S&P 500 Pauses to Digest Gains After Setting Another Record
  • Crude Oil Struggles to Build Higher, Gold Recoils from $1200

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

US DOLLAR TECHNICAL ANALYSIS – Prices advanced to a five-year high the greenback resumed its march higher following a brief period of consolidation. A daily close above the 23.6% Fibonacci expansionat 11315 exposes the 38.2% level at 11374. Alternatively, a turn below the 14.6% expansion at 11278 opens the door for a challenge of the November 17 low at 11219.

Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

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 paused to consolidate after clearing resistance at 2051.00, the 23.6% Fibonacci expansion, to expose the 38.2% level at 2081.20. A further push beyond that targets the 50% Fib at 2105.60. Alternatively, a reversal back below 2051.00 on a daily closing basis targets the 2022.10-32.30 area marked by the 14.6% expansion and the September 19 high.

Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices paused to digest gains after hitting a three-week high above the $1200/oz figure. A daily close above the 38.2% Fibonacci retracement at 1212.23 exposes the 1229.19-37.59 area marked by a falling trend line and the 50% level. Alternatively, a reversal below the 1178.86-80.84 zone (December 2013 low, 23.6% Fib) targets the 14.6% retracement at 1161.49.

Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices may be gearing up for a recovery after putting in a bullish Piercing Line candlestick pattern. A break above the 14.6% Fibonacci retracement at 79.81 exposes the 23.6% level at 81.71. Near-term support is at 76.74, the November 14 low.

Gold Stumbles After Testing 1200 Figure, SPX 500 Pauses to Digest Gains

Daily Chart - Created Using FXCM Marketscope 2.0

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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