Technical Analysis for US DOLLAR, S&P 500, GOLD and CRUDE OIL: S&P 500 Clears a Path Above 2000 and Gold Prices Approaching Monthly Low
US DOLLAR TECHNICAL ANALYSIS
Prices appear to be on track to
resume its longer-term rising trend after completing a Flag continuation
pattern last week. A daily close above the 11102-43 area marked by the
23.6% Fibonacci expansion and the October 3 high exposes the 38.2% level
at 11216.
S&P 500 TECHNICAL ANALYSIS
Prices resumed their advance
after a brief pause, with buyers now aiming to challenge resistance
marked by the 38.2% Fibonacci expansion at 2010.10. A break above that
on a daily closing basis exposes the 50% level at 2028.30.
GOLD TECHNICAL ANALYSIS
Prices turned lower as expected after
putting in a bearish Evening Star candlestick pattern. Sellers now aim
to challenge the 38.2% Fibonacci expansion at 1193.16, with a break
below that on a daily closing basis exposing the 1173.99-78.86 area
marked by the December 2013 low and the 50% level. Alternatively, a
reversal back above the 23.6% Fib at 1216.87 aims for the 14.6%
expansion at 1231.49.
CRUDE OIL TECHNICAL ANALYSIS
Prices put in a Bullish Engulfing
candlestick pattern, hinting a bounce may be ahead. A break above 87.67,
the intersection of the 14.6% Fibonacci retracement and channel floor
support-turned-resistance, exposes the 23.6% level at 90.62. Near-term
support is at 82.88, the October 15 low.
