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Gold Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

Gold Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

2014-12-29 04:11:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar, S&P 500 May Turn Lower from Multi-Year Highs
  • Crude Oil Remain Locked in Range Above $58/barrel Figure
  • Gold Prices Try to Mount Recovery, Eyeing $1200/oz Level

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

US DOLLAR TECHNICAL ANALYSIS – Prices flat-lined after hitting a five-year high, with negative RSI divergence warning a downturn may be ahead. 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. Alternatively, a turn 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 Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

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 edged above the December 5 high at 2079.60, exposing the 50% Fibonacci expansion at 2098.60. A daily close above this barrier exposes the 61.8% level at 2129.40. Negative RSI divergence warns of ebbing upside momentum and hints a turn lower may be looming. A turn back below 2079.60 sees initially support at 2067.90, the 38.2% Fib.

Gold Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices recoiled upward to test resistance at 1196.08, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1211.85. Alternatively, a move below the 14.6% Fib at 1186.36 targets the December 22 low at 1170.59.

Gold Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

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 Attempts to Mount Recovery, US Dollar and SPX 500 Vulnerable

Daily Chart - Created Using FXCM Marketscope

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

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