Crude Oil Prices Unable to Capitalize on Supportive Inventory Data

What are the fundamentals driving long-term crude oil price trends? Find out here!

GOLD TECHNICAL ANALYSIS – Gold prices are setting fresh monthly lows after an aborted attempt at a recovery. From here, a daily close below the 50% Fibonacci expansion at 1279.01 exposes the 61.8% level at 1270.84. Alternatively, a move back above the September 21 bottom at 1288.28 targets the 23.6% Fib at 1297.28.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to mark time, digesting gains after breaking above the May 25 highat 51.97. The next significant level of resistance lines up in the 53.74-54.48 area. Alternatively, a move back below 51.97 – now acting 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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