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Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

2014-12-19 05:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Positioning Hints a Double Top is in the Works
  • S&P 500 Vulnerable to a Resumption of Selling Pressure
  • Gold Reversal Struggling with Downside Follow-Through

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

US DOLLAR TECHNICAL ANALYSIS – Prices stalled below its five-year high after posting the largest daily advance in 18 months. Negative RSI divergence warns of ebbing upside momentum, hinting a double top may be in the works. Near-term support is at 11489, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11379. Alternatively, a turn above the December 8 high at 11522clears the way for a test of the 38.2% Fib expansion at 11577.

Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

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 are testing above resistance at 2067.90, the 38.2% Fibonacci expansion, with a break above that exposing the December 5 high at 2079.60 and the 50% level at 2098.60. Negative RSI divergence warns of ebbing upside momentum however and hints a reversal lower may be in the cards. A move below the 23.6% Fib at 2029.80 targets the 14.6% expansion at 2006.40.

Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are struggling with downside follow-through after breaking support at the bottom of a rising channel set from early November. A break below the 23.6% Fibonacci expansion at 1187.39 exposes the 38.2% level at 1156.00. Alternatively, a turn above the 1203.24-1206.74 area marked by channel floor support-turned-resistance and the 14.6% Fib targets the December 9 high at 1238.13.

Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are stalling above the 100% Fibonacci expansion at 58.93. A break below this barrier on a daily closing basis exposes the 123.6% level at 55.61. Alternatively, a reversal above the 76.4% Fib at 62.25 targets the 61.8% expansion at 64.30.

Gold Reversal Stalls, SPX 500 Vulnerable to Renewed Selling Pressure

Daily Chart - Created Using FXCM Marketscope

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

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