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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

2015-01-05 08:01:00
Ilya Spivak, Head Strategist, APAC
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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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