Gold Down Trend May Be Resuming, SPX 500 Eyes Support Sub-2000 – DailyFX

Talking Points:

  • US Dollar Awaits Clues in Narrow Consolidation Range
  • S&P 500 Down Move Slows Ahead of Support Sub-2000
  • Gold Resuming Down Trend, Crude Oil Selloff Continues

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

US DOLLAR TECHNICAL ANALYSIS – Prices moved lower as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci retracementat 11379 exposes the 38.2% level at 11291. Alternatively, a turn above the 14.6% Fib at 11434 opens the door for a challenge of the December 8 high at 11522.

Gold Down Trend May Be Resuming, SPX 500 Eyes Support Sub-2000

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. Sellers now aim to challenge the 38.2% Fibonacci retracement at 1980.00, with a break below that exposing the 50% level at 1949.30. Alternatively, a reversal above the 2018.10-22.10areamarked by the 23.6%Fib and theSeptember 19 hightargets the 2041.50-49.10 zone (14.6% Fib, December 1 low).

Gold Down Trend May Be Resuming, SPX 500 Eyes Support Sub-2000

Daily Chart – Created Using FXCM Marketscope

GOLD TECHNICAL ANALYSIS – Prices turned lower anew, with a break below the 23.6% Fibonacci expansion at 1187.39 exposing the 38.2% level at 1156.00. Alternatively, a reversal above the 14.6% Fib at 1206.75 targets the December 9 high at 1238.13.

Gold Down Trend May Be Resuming, SPX 500 Eyes Support Sub-2000

Daily Chart – Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS – Prices are aiming to extend the latest losing streak for a fifth consecutive day. A break below the 100% Fibonacci expansion at 58.93 exposes the 123.6% level at 55.61. Alternatively, a reversal above the 76.4% Fib at 62.25 targets the 61.8% expansion at 64.30.

Gold Down Trend May Be Resuming, SPX 500 Eyes Support Sub-2000

Daily Chart – Created Using FXCM Marketscope

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

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Want something else to read? How about ‘Grievous Censorship’ By The Guardian: Israel, Gaza And The Termination Of Nafeez Ahmed’s Blog

Bookmark the permalink.