Crude Oil Prices Eye EIA Inventory Data, Gold Breaks Range Floor

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GOLD TECHNICAL ANALYSIS – Gold prices narrowly breached support in the 1266.44-69.10 area (October 6 low, 38.2% Fibonacci expansion), seemingly opening the door for a test of the 50% level at 1257.69. Alternatively, a daily close back above 1269.10 sees the next upside barrier marked by channel floor support-turned-resistance at 1282.70.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to oscillate in a choppy range around the $58/bbl figure. A daily close below the 23.6% Fibonacci retracement at 56.70 targets the 38.2% level at 55.25 next. Alternatively, a breach of the 23.6% Fib expansion at 59.10 targets the 38.2% threshold at 60.55.

Chart created using TradingView

— 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.

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