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Gold Selloff Resumes, SPX 500 Loses Steam at December High

Gold Selloff Resumes, SPX 500 Loses Steam at December High

2014-12-23 08:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Hits Five-Year High But Reversal Risk Remains
  • S&P 500 Stalling at December Top, May Turn Downward
  • Crude Oil Range-Bound Above $58, Gold Selloff Resumes

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

US DOLLAR TECHNICAL ANALYSIS – Prices edged past December’s swing top to establish a new five-year high. Near-term resistance is at 11577, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11648. Negative RSI divergence warns of ebbing upside momentum and hints a downturn may be brewing ahead. A push below the 11489-522 area marked by the December 8 top and the 23.6% Fib clears the way for a test of the 14.6% expansion at 11434.

Gold Selloff Resumes, SPX 500 Loses Steam at December High

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 resistance in the 2067.90-79.60 area marked by the 38.2% Fibonacci expansion and the December 5 high. A daily close above this barrier exposes 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 Selloff Resumes, SPX 500 Loses Steam at December High

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices resumed downward momentum, with sellers now aiming to challenge the 38.2% Fibonacci expansion at 1156.00. A break below this boundary on a daily closing basis exposes the 50% level at 1130.64. Alternatively, a reversal above the 23.6% Fib at 1187.39 targets the 14.6% expansion at 1206.74.

Gold Selloff Resumes, SPX 500 Loses Steam at December High

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are in consolidation mode above the $58.00/barrel figure. A break below the 23.6% Fibonacci expansion at 58.20 exposes the 38.2% level at 54.83. Alternatively, a bounce above the 23.6% Fib retracement at 63.94 targets the 38.2% threshold at 67.31.

Gold Selloff Resumes, SPX 500 Loses Steam at December High

Daily Chart - Created Using FXCM Marketscope

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

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