Crude Oil Prices Seesaw on Conflicting News, US Tax Plan on Tap

Retail traders expect gold to rise. Find out here what this hints about where the trend will actually go!

GOLD TECHNICAL ANALYSIS – Gold prices remain stuck in a choppy congestion range. Breaking above the 23.6% Fibonacci expansion at 1283.22 on a daily closing basis paves the way for a retest of the 14.6% level at 1291.92. Alternatively, a push below support in the 1266.41-69.10 area (trend line, 38.2% Fib) sees the next downside barrier at 1257.69, the 50% expansion.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to mark time below resistance at 57.57, the 38.2% Fibonacci expansion. Breaking above that on a daily closing basis targets 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 resistance-turned-support at 55.24, the January 3 high.

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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