Gold Prices Drop as Trump Trade Narrative Finds New Life

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

GOLD TECHNICAL ANALYSIS – Gold prices paused to consolidate after dropping as expected following the formation of a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 1276.31, the October 19 low, with a close below that exposing the 38.2% Fibonacci expansion at 1269.10. Alternatively, a bounce above the October 20 high at 1291.06 sees the next upside barrier at 1309.15, the 50% Fib retracement.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to hover below resistance in the 52.86-53.23 area (September 28 high, 38.2% Fibonacci expansion). A daily close above that exposes the 50% level at 54.51. Alternatively, a reversal below rising trend line support at 50.52 targets the October 6 low at 49.10.

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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