Crude Oil Prices Surge on Kurdish Referendum, Gold Eyeing Yellen

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GOLD TECHNICAL ANALYSIS – Gold prices broke the series of lower highs and lows set from September’s swing top, hinting that – at the very least – the initial leg of the near-term down move is over. From here, a daily close above resistance at 1323.83 marked by the 23.6% Fibonacci expansion exposes the 38.2% level at 1346.09. Near-term support is at 1287.84, the September 21 low.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices surged past resistance at 51.97, the May 25 high, to expose peaks in the 53.74-54.48 area. A move back below 51.97 – now recast as support – opens the door for a retest of the August 1 high at 50.40.

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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