Crude Oil Price Rise May Stall on EIA Drilling Data

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GOLD TECHNICAL ANALYSIS

Gold prices are hovering above familiar 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 breach of range resistance at 1341.04 paves the way for a challenge of the 38.2% Fib expansion at 1352.40.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are consolidating within a Falling Wedge chart pattern, a setup that typically carries bullish implications. A daily close above its upper boundary – now at 62.64 – exposes the February 26 high at 64.21. Alternatively, a move back below the 59.83-60.00 area (wedge floor, March 8 low) opens the door for a retest of the February 9 bottom at 58.11.

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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