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Breaking news

ECB leaves monetary policy unchanged

Gold Recovery Continues, SPX 500 Nearing December Swing Low

Gold Recovery Continues, SPX 500 Nearing December Swing Low

2015-01-07 07:12:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Seemingly Set to Rise Further on Resistance Break
  • SPX 500 Nears December Low on Persistent Selling Pressure
  • Next Crude Oil Support Below $50, Gold Recovery Continues

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

US DOLLAR TECHNICAL ANALYSIS – Prices appear poised to continue higher after prices edged past yet another layer of chart resistance. A daily close above the 61.8% Fibonacci expansionat 11719 exposes the 76.4% level at 11807. Alternatively, a reversal below the 50% Fib at 11648 opens the door for a challenge of the 38.2% expansion at 11577.

Gold Recovery Continues, SPX 500 Nearing December Swing Low

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 declined as expected after producing a bearish Evening Star candlestick pattern. Sellers now aim to challenge the 38.2% Fibonacci retracement at 1988.00, with a break below that on a daily closing basis exposing the December 16 low at 1968.30 and the 50% level at 1955.80. Alternatively, a reversal back above the 23.6% Fib at 2028.00 aims for the 14.6% retracement at 2052.60.

Gold Recovery Continues, SPX 500 Nearing December Swing Low

Daily Chart - Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1220.88, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1233.62. Alternatively, a reversal below the 38.2% Fib at 1208.13 aims for rising trend line support at 1181.08.

Gold Recovery Continues, SPX 500 Nearing December Swing Low

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices remain under heavy selling pressure, with sellers now aiming to challenge the 61.8% Fibonacci expansion at 49.37. A break below that on a daily closing basis exposes the 76.4% level at 46.00. Alternatively, a turn above the 50% Fib at 52.10 targets the 38.2% expansion at 54.20.

Gold Recovery Continues, SPX 500 Nearing December Swing Low

Daily Chart - Created Using FXCM Marketscope

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

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