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Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

2014-12-08 07:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Resumes March Upward, Soars to New Five-Year High
  • S&P 500 Chart Hints Consolidation May Precede Reversal Lower
  • Gold Rejected at Down Trend Resistance, Slips Back Below $1200

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

US DOLLAR TECHNICAL ANALYSIS – Prices resumed their advance after a brief respite, putting in the largest daily advance in five weeks. Near-term resistance is at 11511, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 11565. Alternatively, a turn below the 38.2% Fib at 11457 opens the door for a challenge of the 23.6% expansion at 11391.

Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

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 paused to consolidate, with negative RSI divergence warning of ebbing upside momentum and hinting a turn lower may be ahead. A drop below the 2041.50-49.10 area marked by the 14.6% Fibonacci retracement and the December 1 low exposes the 2018.10-22.10 zone (23.6% level, September 19 high). Alternatively, a move above the 2075.90-86.60 region (November 26 high, 14.6% Fib expansion) targets the 23.6% expansion at 2109.80.

Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are turning lower from resistance at a falling trend line set from early July. A break below the 14.6% Fibonacci expansion at 1189.74 exposes the 23.6% level at 1170.39. Alternatively, a daily close above the trend line (now at 1214.07) targets the December 1 high at 1221.13.

Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices look poised to continue lower after breaching support below the 70.00 figure. A daily close below the 38.2% Fibonacci expansion at 67.63 exposes the 50% level at 65.96. Alternatively, a move above the 23.6% Fib at 69.68 targets the 14.6% expansion at 70.95.

Gold Falters at Trend Resistance, SPX 500 Vulnerable to Pullback

Daily Chart - Created Using FXCM Marketscope

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

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