Gold Price Drop May Resume on US PCE Inflation Data

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

GOLD TECHNICAL ANALYSIS – Gold prices paused to consolidate losses above support marked by the 50% Fibonacci expansion at 1279.01. A break below that confirmed on a daily closing basis targets the 61.8% level at 1270.84. Alternatively, a turn back above the September 21 low at 1288.28 clears the way for another challenge of the 23.6% Fib at 1297.28.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are testing support at 51.26, the 14.6% Fibonacci retracement. The barrier is reinforced by a trend line defining the monthly uptrend. A daily close below that exposes the 23.6% level at 50.29. Alternatively, a move above the September 28 high at 52.83 opens the door for a retest of the 53.74-54.48 area.

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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