Crude Oil Prices Vulnerable Despite Supportive Inventory Data

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Gold prices are still clinging to support in the 1312.36-16.50 area (range floor, 38.2% Fib retracement). A daily close below this barrier exposes the 50% level at 1301.19. Alternatively, a rebound above range resistance at 1341.04 clears the way for a test of the 38.2% Fib expansion at 1352.40.


Crude oil prices are oscillating within a typically bullish Falling Wedge pattern. Confirmation on a close above its upper boundary at 62.30 opens the door for a retest of 64.21, the February 26 high. Alternatively, a move below the 59.68-60.00 area (wedge floor, March 8 low) targets the February 9 bottom at 58.11.


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— Written by Ilya Spivak, Currency Strategist for

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