Talking Points: US Dollar Rally Takes a Breather at Chart Resistance S&P 500 Corrects Higher, Overall Setup Favors Losses Gold Prices May Be Positioning for a Major Reversal US DOLLAR TECHNICAL ANALYSIS - Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. A break above resistance in the 10669-85 area, marked by the December 4 high and the 38.2% Fibonacci expansion, opens the door for a challenge of the 50% level at 10723. Near-term support is at 10612, a former range bottom, followed by 10565 (the December 10 low). S&P 500 TECHNICAL ANALYSIS - Prices fell as expected , with a break below resistance-turned-support at 1778.90 ( October 30 swing high) exposing the 38.2% Fibonacci retracement at 1749.60. A further push below that targets the 50% level at 1730.00. Alternatively, turning back above 1778.90 targets the 1813.10 ( November 29 high). GOLD TECHNICAL ANALYSIS - Prices may be carving out a bullish Head and Shoulders bottom chart formation. Confirmation requires a close above resistance in the 1260.84-68.84 area, marked by the October 11 low and the 38.2% Fib retracement. A break higher initially exposes the 1286.57, the 50% level. Near-term support is at 1211.44, the December 6 low. CRUDE OIL TECHNICAL ANALYSIS- Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern, breaking the 14.6% Fibonacci expansion at 96.89. Sellers now aim to challenge the 95.36-75 area, marked by the 23.6% level and the November 6 high. A further push below that eyes 93.91, the 38.2% Fib. A reversal back above 96.89 targets 98.74 ( October 28 high).
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