Gold Price Drop Stalls Just Shy of Breakout — Now What?

See our quarterly gold price forecast to learn what will drive the trend through mid-year!

GOLD TECHNICAL ANALYSIS

Gold prices continue to test the outer layer of support guiding them higher since December 2016, now at 1286.55. A daily close below that exposes the 1260.80-66.44 area. Alternatively, a push back above 1304.32 opens the door for a retest of support-turned-resistance in the 1323.60-33.42 zone.

CRUDE OIL TECHNICAL ANALYSIS

A bearish Evening Star candlestick pattern coupled with negative RSI divergence continue to hint that a top is in the works. A turn back below resistance-turned-support at 69.53 exposes the 66.22-67.36 area anew. Alternatively, a daily close above the May 10 high at 71.86 eyes wedge pattern resistance at 73.11.

COMMODITY TRADING RESOURCES

  • See our guide to learn about the long-term forces driving crude oil prices
  • Having trouble with your strategy? Here’s the #1 mistake that traders make
  • Join a Trading Q&A webinar to answer your commodity market questions

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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