Gold Prices Look to Fate of US Tax Cuts for Direction, Yellen to Speak

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GOLD TECHNICAL ANALYSIS – Gold prices continue to hover above support at the lower bound of a would-be bearish Triangle chart pattern, now at 1270.75. Breaching that on a daily closing basis exposes the 1260.80-61.50 area (October 6 low, 50% Fibonacci expansion). Alternatively, a push above Triangle resistance at 1294.81 targets 1306.04, the October 16 high.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices remain stuck in familiar territory, oscillating below the 38.2% Fibonacci expansion at 57.57. A daily close above this barrier opens the door for a test of the 50% level at 58.71. Alternatively, a reversal below the 23.6% Fib at 56.17 exposes the January 3 highat 55.24 anew.

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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