See our free guide to learn what are the long-term forces driving crude oil prices!
GOLD TECHNICAL ANALYSIS
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 TECHNICAL ANALYSIS
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.
COMMODITY TRADING RESOURCES
- Learn what retail traders’ gold buy and sell bets say about the price trend
- Having trouble with your strategy? Here’s the #1 mistake that traders make
- Join a Trading Q&A webinar to answer your commodity market questions
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.