Price Pattern Analysis for US Dollar, S&P 500, Gold and Grude Oil: Gold Mounts Sharp Recovery, Crude Oil Snaps 5-Day Loss Streak
US DOLLAR TECHNICAL ANALYSIS
Prices stumbled after spiking to a
new five-year high, finishing the day with a modest loss. Near-term
support is at 11350, the 14.6% Fibonacci expansion, with a break below
that on a daily closing basis exposing the November 27 low at 11284.
S&P 500 TECHNICAL ANALYSIS
Prices turned sharply lower,
producing the largest daily drawdown since mid-October. Sellers now aim
to challenge the 14.6% Fibonacci retracement at 2038.40, with a break
below that on a daily closing basis exposing the 2015.20-22.10 area
marked by the 23.6% level and the September 19 high.
GOLD TECHNICAL ANALYSIS
Prices vaulted aggressively higher
after tapping a three-week low. Near-term resistance is in the
1212.23-19.41 area marked by the 38.2% Fibonacci retracement and a
falling trend line set from early July. A break above this barrier
exposes the 50% level at 1237.59.
CRUDE OIL TECHNICAL ANALYSIS
Prices recoiled upward after
hitting the lowest levels since 2009, snapping a five-day losing streak.
Near-term resistance is at 75.31, the 38.2% Fibonacci retracement, with
a break above that on a daily closing basis exposing the 50% level at
77.72.
