Crude Oil Prices Soar on Saudi Purge, Iran War Worries

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GOLD TECHNICAL ANALYSIS – Gold prices reclaimed a foothold above support-turned-resistance at 1277.16. The next upside barrier comes in at 1291.06, the October 20 high, with a daily close above that opening the door for a retest of the October 16 peak at 1306.04. Alternatively, a move back below 1291.06 exposes familiar range support the 1266.44-69.10 area (October 5 low, 38.2% Fibonacci expansion).

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to push higher, with buyers now aiming to challenge resistance marked by the 38.2% Fibonacci expansion at 58.92. A daily close above that exposes the 50% level at 60.48. Alternatively, a turn back below the 23.6% Fib at 57.00 targets the 55.24-81 area (14.6% expansion, 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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