Gold Prices May Break 2018 Range Floor on US Jobs Data

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

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

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