Crude Oil Prices Stand at Attention as Saudi, Russia Leaders Meet

See our guide to learn about the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices remain stuck at support guiding them higher since December 2016. Its lower bound is now at 1295.45, with a break below that initially exposing the May 21 low at 1282.27. Alternatively, a move above the 1302.97-07.32 area the upper bound of trend support (1313.28), followed by an inflection point at 1323.60.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are attempting a recovery from trend support set from June 2017, entering the 66.22-67.36 congestion area again. A daily close above its upper extremity exposes the 68.64-69.53 region next. Alternatively, a breach of trend support at 65.21 initially targets the April 6 low 61.84.

COMMODITY TRADING RESOURCES

  • Learn what other traders’ gold buy/sell decisions 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

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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