Crude Oil Prices May Be Topping, IEA Report and Inventory Data Due

See our quarterly crude oil price forecast to learn what will drive the trend through mid-year!

GOLD TECHNICAL ANALYSIS

Gold prices plunged to test support guiding the uptrend from December 2016. A daily close below its lower boundary, now at 1286.22, exposes the 1260.80-66.44 area. Alternatively, a move above 1304.00 would pave the way for another challenge of support-turned-resistance in the 1323.60-33.42 zone.

CRUDE OIL TECHNICAL ANALYSIS

The appearance of a bearish Evening Star candlestick pattern coupled with negative RSI divergence hints crude oil prices may be topping. A daily close below 69.53 (trend line, former range top) opens the door for a test of resistance-turned-support in the 66.22-67.36 area. Alternatively, a break above the May 10 high at 71.86 exposes the 75.00-77.31 region (August 2011, June 2012 swing lows).

COMMODITY TRADING RESOURCES

  • Learn what other traders’ gold trade decisionssay 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

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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