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Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

2014-12-10 06:34:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Chart Setup Points to Downward Correction Ahead
  • S&P 500 May Have Formed a Double Top Below 2100 Figure
  • Crude Oil Drop Pauses, Gold Breaks Five-Month Down Trend

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

US DOLLAR TECHNICAL ANALYSIS – Prices may be preparing for a pullback having put in a bearish Evening Star candlestick pattern below a five-year high. A daily close below the 14.6% Fibonacci retracement at 11434 exposes the 23.6% level at 11379. Alternatively, a turn above the 23.6% Fib expansion at 11528 opens the door for a challenge of the 38.2% threshold at 11616.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

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 began to turn lower as expected. 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 Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices overcome resistance at a falling trend line set from early July, exposing the 50% Fibonacci retracement at 1237.59. A break above this barrier on a daily closing basis exposes the 61.8% level at 1262.96. Alternatively, a turn back below the intersection of the trend line and the 38.2% Fib at 1212.23 targets the 23.6% retracement at 1180.84.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices paused to consolidate losses after five consecutive days of downward momentum. A break below the 50% Fibonacci expansion at 65.96 exposes the 61.8% level at 64.30. Alternatively, a move above the 38.2% Fib at 67.63 targets the 23.6% expansion at 69.68.

Gold Breaks 5-Month Down Trend, SPX 500 Double Top Firming

Daily Chart - Created Using FXCM Marketscope

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

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