Technical Analysis for US Dollar, S&P 500, Gold and Crude Oil: Gold in Digestion Mode, Crude Oil Aims Above $59.00
US DOLLAR TECHNICAL ANALYSIS
Prices may be preparing to decline
after prices put in a bearish Evening Star candlestick pattern.
Negative RSI divergence bolsters the case for a downside scenario.
Near-term support is at 11734, the intersection of the 14.6% Fibonacci
retracement and a rising trend line, with a break below that on a daily
closing basis exposing the 23.6% level at 11648.
S&P 500 TECHNICAL ANALYSIS
Prices declined as expected after
putting in a bearish Evening Star candlestick pattern. A daily close
below the 1980.20-88.00 area marked by a rising trend line and the 38.2%
Fibonacci retracement exposes the 50% level at 1955.80.
GOLD TECHNICAL ANALYSIS
Prices recoiled from
resistance-turned-support at October’s swing highs, producing the
largest daily advance in 3 weeks. A daily close above the 23.6%
Fibonacci expansion at 1285.20 exposes the 38.2% level at 1305.73.
Alternatively, a reversal below the 38.2% Fib retracement at 1253.77
targets the 50% threshold at 1237.18.
CRUDE OIL TECHNICAL ANALYSIS
Prices pushed higher following a
prolonged period of consolidation after bottoming as expected above the
$45.00/barrel figure. A daily close above the 38.2% Fibonacci
retracement at 59.08 exposes the 50% level at 63.38. Alternatively, a
reversal below the 23.6% Fib at 53.77 targets the 14.6% retracement at
50.49.
