Technical Analysis for US Dollar, S&P 500, Gold and Crude Oil - Crude Oil Targets $46.00, Gold En Route to December Top
US DOLLAR TECHNICAL ANALYSIS
Prices look likely to continue
downward following the appearance of a bearish Evening Star candle
pattern having reversed as expected. A daily close below the 14.6%
Fibonacci retracementat 11599 exposes the 23.6% level at 11527.
S&P 500 TECHNICAL ANALYSIS
Prices declined as expected
after putting in a bearish Evening Star candlestick pattern. A secondary
top may now be in place as a corrective bounce is capped by a Dark
Cloud Cover candle setup. Near-term support is at 2028, the 23.6%
Fibonacci retracement, with a break below that exposing the 38.2% level
at 1988.00. Alternatively, a turn above the January 9 high at 2068.60
targets the December 29 top at 2092.60.
GOLD TECHNICAL ANALYSIS
Prices continue to press upward, with
December’s swing top now in the crosshairs. A break above the 61.8%
Fibonacci expansion at 1233.62 exposes the 76.4% level at 1249.39.
Alternatively, a reversal below the 50% Fib at 1220.88 aims for the
38.2% expansion at 1208.13.
CRUDE OIL TECHNICAL ANALYSIS
Prices accelerated downward, with
sellers now aiming to challenge the 76.4% Fibonacci expansion at 46.00. A
break below that on a daily closing basis exposes the 100% level at
40.55. Alternatively, a turn above the 61.8% Fib at 49.37 targets the
50% expansion at 52.10.
