Crude Oil Prices Snap 5-Day Win Streak, Eye Inventory Data

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to stall below resistance in the 1353.87-57.50 area (double top, falling trend line). Breaking above it on a daily closing basis opens the door for a test of the July 2016 high at 1375.15. Alternatively, a move below near-term rising trend support – now at 1336.63 – exposes long-standing range support at 1307.25.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices recoiled from resistance cluster in the 66.63-67.49 area (January 25 high, rising channel top, 38.2% Fibonacci expansion). From here, a move back below the 23.6% level at 63.90 opens the door for a test of channel floor support at 62.50. Alternatively, turn above 67.49 sees the next upside barrier at 70.38, the 50% Fib.

COMMODITY TRADING RESOURCES

  • Learn what retail traders’ gold buy and sell bets say 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

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