See our quarterly crude oil price forecast to learn what will drive the trend through mid-year!
GOLD TECHNICAL ANALYSIS
Gold prices are digesting losses having dropped to the outer layer of support establishing the uptrend from December 2016, now at 1286.55. A daily close below that exposes the 1260.80-66.44 area. Alternatively, a push back above 1304.73 targets falling trend line resistance at 1316.69.
CRUDE OIL TECHNICAL ANALYSIS
Signs of topping continue to mark crude oil price action, from negative RSI divergence t the formation of a rising Wedge chart pattern. A break below resistance-turned-support at 69.53 opens the door for another test of the 66.22-67.36 area. Alternatively, a breach above the May 10 high at 71.86 confirmed on a daily closing basis exposes wedge top resistance at 73.24.
COMMODITY TRADING RESOURCES
- See our guide to learn about the long-term forces driving crude oil prices
- 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.