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Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

2014-12-01 23:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Retreats into Digestion Mode After Hitting 5-Year High
  • S&P 500 Breaks Monthly Uptrend, Drops Most Since Mid-October
  • Gold Mounts Sharp Recovery, Crude Oil Snaps 5-Day Loss Streak

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

US DOLLAR TECHNICAL ANALYSIS – Prices stumbled after spiking to a new five-year high, finishing the day with a modest loss. Near-term support is at 11350, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the November 27 low at 11284. Alternatively, a turn above the 23.6% Fib at 11391 opens the door for a challenge of the 38.2% expansion at 11457.

Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

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 turned sharply lower, producing the largest daily drawdown since mid-October. Sellers now aim to challenge the 14.6% Fibonacci retracement at 2038.40, with a break below that on a daily closing basis exposing the 2015.20-22.10 area marked by the 23.6% level and the September 19 high. Alternatively, a turn above channel bottom support-turned-resistance at 2064.70 targets the November 23 high at 2075.90.

Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices vaulted aggressively higher after tapping a three-week low. Near-term resistance is in the 1212.23-19.41 area marked by the 38.2% Fibonacci retracement and a falling trend line set from early July. A break above this barrier exposes the 50% level at 1237.59. Alternatively, a reversal below support at 1180.84, the 23.6% Fib, aims for the 14.6% retracement at 1161.49.

Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices recoiled upward after hitting the lowest levels since 2009, snapping a five-day losing streak. Near-term resistance is at 75.31, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 77.72. Alternatively, a reversal below the 23.6% Fib at 72.33 aims for the 14.6% retracement at 70.50.

Gold Mounts Sharp Recovery, SPX 500 Drops Most in 7 Weeks

Daily Chart - Created Using FXCM Marketscope 2.0

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

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