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Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Opens 2015 With Largest Advance in Three Weeks
  • SPX 500 Beginning to Make Good on Bearish Technical Setup
  • Crude Oil Vulnerable to Deeper Losses, Gold Treading Water

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

US DOLLAR TECHNICAL ANALYSIS – Prices are attempting to continue building higher having started 2015 off with the largest daily rally in three weeks. A daily close above the 50% Fibonacci expansionat 11648 exposes the 61.8% level at 11719. Alternatively, a reversal below the 38.2% Fib at 11577 opens the door for a challenge of the 11489-522 area marked by the December 8 top and the 23.6% expansion.

Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

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 turned lower as expected after putting in a bearish Evening Star candlestick pattern. Sellers now aim to challenge the 23.6% Fibonacci retracement at 2028.00, with a break below that on a daily closing basis exposing the 38.2% level at 1988.00. Alternatively, a reversal back above the 14.6% Fib at 2052.60 aims for the December 5 high at 2079.60.

Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices continue to consolidate above the December 22 low at 1170.59. A break below that on a daily closing basis exposes the 38.2% Fibonacci expansion at 1156.00. Alternatively, a reversal above rising trend line support-turned-resistance at 1206.23 targets the December 9 high at 1238.13.

Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to extend losses after breaking support at 58.20, the 23.6% Fibonacci expansion. Sellers now aim to challenge the 38.2% level at 54.83, with a further push beneath that targeting the 50% Fib at 52.10. Alternatively, a reversal back above 58.20 aims for the December 18 high at 63.65.

Gold Holding in Familiar Range, SPX 500 Makes Good on Reversal Signal

Daily Chart - Created Using FXCM Marketscope

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

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