Crude Oil Prices Fall with Stocks as Gold Gains in Risk-Off Trade

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GOLD TECHNICAL ANALYSIS – Gold prices continue to edge toward support at 1269.10, the 38.2% Fibonacci expansion. A daily close below this barrier opens the door for a test of the 50% level at 1257.69. Alternatively, a move above the October 20 high at 1291.06 sees the next upside threshold at 1309.15, the 50% Fib retracement.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to mark time in familiar territory, hovering below resistance in the 52.86-53.23 area (September 28 high, 38.2% Fibonacci expansion). Breaking above that on a daily closing basis initially targets 50% level at 54.51. Alternatively, a decline through rising trend line support at 50.96 exposes the October 6 low at 49.10.

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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