Crude Oil Prices Struggle as Trump Trade Optimism Loses Steam

What are the forces driving long-term crude oil price trends? See our guide to find out!

GOLD TECHNICAL ANALYSIS – Gold prices continue to hover in a consolidation range between the October 19 low at 1276.31 and the following day’s high at 1291.06. A break upward exposes the 50% Fibonacci retracementat 1309.15. Alternatively, a push below support targets the 38.2% Fib expansion at 1269.10.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are still looking for direction below resistance in the 52.86-53.23 area (September 28 high, 38.2% Fibonacci expansion). Breaking this barrier on a daily closing basis sees the next upside barrier at 54.51, the 50% level. Alternatively, a move below rising trend line support at 50.66 opens the door for a retest of 49.10, the October 6 low.

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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