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Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

2014-11-26 03:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Continues to Rise, Establishes New 5-Year High
  • S&P 500 Stalls at Record High, Snaps Three-Day Win Streak
  • Crude Oil Struggling for Follow-Through, Gold Vulnerable

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

US DOLLAR TECHNICAL ANALYSIS – Prices continue to push higher, advancing to set a new five-year high. A daily close above the 38.2% Fibonacci expansion at 11374 exposes the 50% level at 11422. Alternatively, a reversal below the 23.6% Fib at 11315 clears the way for a test of the 14.6% expansion at 11278.

Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

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 stalled after setting yet another record high, snapping a three-day winning streak. A daily close above the 38.2% Fibonacci expansion at 2081.20 exposes the 50% level at 2105.60. Alternatively, a move below the 23.6% Fib at 2051.00 targets the 2022.10-32 areamarked by the 14.6% expansion and the September 19 high.

Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are carving out a bearish Rising Wedge chart formation, hinting a move lower may be ahead. A daily close below the pattern’s floor at 1196.21 exposes the 1178.86-80.84 area (December 2013 low, 23.6% Fibonacci retracement). Alternatively, a push above the intersection of the wedge top and the 38.2% level at 1212.23 targets a falling trend line set from early June, now at 1224.37.

Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices are struggling with follow-through having attempted a recovery as expected following the appearance of a bullish Piercing Line candlestick pattern. A daily close below rising trend line support at 78.38 exposes the November 14 low at 76.74. Alternatively, a reversal above falling trend line resistance at 80.50 targets the 14.6% Fibonacci retracement at 82.43.

Gold Chart Setup Warns of Reversal, SPX 500 Snaps 3-Day Win Streak

Daily Chart - Created Using FXCM Marketscope 2.0

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

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