Gold Prices Drop as Markets Shift Up Fed Rate Hike Timeline

Retail traders expect gold to rise. See here to find out what this hints about on-coming price moves!

GOLD TECHNICAL ANALYSIS – Gold prices are pressuring support in the 1257.69-60.80 area (50% Fibonacci expansion, October 6 low), with a break confirmed on a daily closing basis exposing the 61.8% level at 1246.28. Alternatively, a move back above the 38.2% Fib at 1269.10 opens the door for a retest of channel floor support-turned-resistance at 1282.74.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices finally made good on a bearish Dark Cloud Cover candlestick pattern identified last week, convincingly breaking trend line support guiding the advance from early October. Support marked by the 38.2% Fibonacci retracement at 55.25 is now in focus, with a close below that exposing the 50% level at 54.08. Alternatively, a move back above the 23.6% Fib at 56.70 opens the door for a retest of the trend line – now at 58.06 – as resistance.

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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