Crude Oil Price Drop May Deepen as Trump Tariffs Force Retort

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Gold prices struggled to make good on a break of near-term trend resistance, dropping back to support in the 1312.36-16.50 area (range floor, 38.2% Fib retracement). A daily close below that exposes the 50% level at 1301.19. Alternatively, a move above the 38.2% Fib expansion at 1352.40 opens the door for a challenge of the 1366.06-67.67 zone (January 25 high, 50% retracement).


Crude oil prices slumped back to support at 60.96, the 38.2% Fibonacci expansion. A daily close below that targets the 50% level at 59.95. Alternatively, a push through chart inflection point resistance at 62.62 clears the way for a retest of the February 26 high at 64.21.


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— Written by Ilya Spivak, Currency Strategist for

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