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Gold Stalls Near Key Resistance After Largest Rally in Over 2 Years

Gold Stalls Near Key Resistance After Largest Rally in Over 2 Years

2014-12-03 01:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Poised to Continue Higher on Another Resistance Break
  • S&P 500 Moves to Re-Test Recently Breached Chart Support Level
  • Gold Prices Pull Back After Largest Daily Rally in Over Two Years

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

US DOLLAR TECHNICAL ANALYSIS – Prices issued their strongest close in five years, with prices seemingly poised to continue marching higher. A daily close above the 38.2% Fibonacci expansion at 11457 exposes the 50% level at 11511. Alternatively, a reversal below the 23.6% Fib at 11391 clears the way for a test of the 14.6% expansion at 11350.

Gold Stalls Near Key Resistance After Largest Rally in Over 2 Years

Daily Chart - Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices corrected higher after producing the largest drawdown since mid-October. A break above channel floor support-turned-resistance at 2071.10 exposes the November 26 high at 2075.90, followed by the 14.6% Fibonacci expansion at 2086.60. Alternatively, a renewed push downward that takes prices below the 14.6% Fib retracement at 2038.40 aims for the 2015.20-22.10 area, marked by the 23.6% threshold and the September 19 high.

Gold Stalls Near Key Resistance After Largest Rally in Over 2 Years

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices backed off a bit after producing the largest daily advance in over two years. Near-term resistance is in the 1212.23-17.97 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 Stalls Near Key Resistance After Largest Rally in Over 2 Years

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are in consolidation move above the 70.00 figure. A daily close below the 23.6% Fibonacci retracement at 70.84 exposes the 14.6% level at 69.57. Alternatively, a move above the 38.2% Fib at 72.89 targets the 50% retracement at 74.56.

Gold Stalls Near Key Resistance After Largest Rally in Over 2 Years

Daily Chart - Created Using FXCM Marketscope

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

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