Talking Points: US Dollar at Risk as Prices Slip Below Key Support S&P 500 Hits 3-Week Low on Rising Selling Pressure Gold Aims Higher After Clearing Chart Resistance US DOLLAR TECHNICAL ANALYSIS - Prices broke support in the 10640-48 area marked by the bottoms of a range and a rising channel as well as the 23.6% Fibonacci retracement. Sellers now aim to challenge the 38.2% level at 10585, with a further push beneath that eyeing the 50% Fib at 10541. Reversing back above 10648 eyes the range top at 10718. S&P 500 TECHNICAL ANALYSIS - Prices turned lower to test support at 1819.60, the 14.6% Fibonacci retracement. A break lower on a daily closing basis initially targets the 23.6% level at 1801.40. Near-term resistance is in the 1848.10-49.10 area, marked by the December 31 and January 10 swing highs. GOLD TECHNICAL ANALYSIS - Prices turned higher as expected after putting in a Harami candlestick pattern. A break above resistance at 1248.70, the 38.2% Fibonacci expansion, has exposed the 1261.28-70.28 area (marked by bracketed by the October 11 swing low and the 50% level). A further push beyond that targets the 61.8% Fib at 1291.86. Turning back below 1248.70 aims for the 23.6% retracement at 1222.01. CRUDE OIL TECHNICAL ANALYSIS- Prices fell as expected after putting in a Bearish Engulfing candlestick pattern. A break below 91.74 - the November 27 swing low - has exposed the 50% Fibonacci expansion at 90.50. A further push beneath that aims for the 61.8% level at 88.08. Reversing back above 91.74 and the 38.2% Fib at 92.91 aims for the 23.6% expansion at 95.90.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Quiznos Files for Chapter 11