Learn what retail traders’ gold buy and sell bets say about the price trend!
GOLD TECHNICAL ANALYSIS
Gold prices continue to mark time at familiar support in the 1312.36-16.50 area (range floor, 38.2% Fib retracement). Breaking this barrier on a daily closing basis sees the next downside threshold at 1301.19, the 50% level. Alternatively, a push above range resistance at 1341.04 exposes the 38.2% Fib expansion at 1352.40.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices dropped to the lowest level in nearly a month, challenging the 50% Fibonacci expansion at 59.95. A daily close below this barrier exposes the 61.8% level at 58.94. Alternatively, a reversal back above the 38.2% Fibat 60.96 opens the door for another test of chart inflection point resistance at 62.62.
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
To receive Ilya’s analysis directly via email, please SIGN UP HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.