Crude Oil Prices Eye OPEC, EIA Reports to Inform Global Glut Bets

Retail traders expect gold to rise. Find out here what this hints about actual price trends!

GOLD TECHNICAL ANALYSIS – Gold prices are testing the lower bound of a would-be bearish Triangle chart pattern once again. A daily close below this threshold – now at – would then expose the 1260.80-61.50 area (October 6 low, 50% Fibonacci expansion). Alternatively, a move above Triangle resistance at 1295.43 paves the way for a challenge of the October 16 high at 1306.04.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to tread water near resistance marked by the 38.2% Fibonacci expansion at 57.57. A break above this barrier confirmed on a daily closing basis exposes the 50% level at 58.71. Alternatively, a turn back below the 23.6% Fib at 56.17 opens the door for a retest of the January 3 highat 55.24.

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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