See our quarterly gold forecast to learn what will drive prices through mid-year!
GOLD TECHNICAL ANALYSIS
Gold prices’ nascent upswing has been checked by familiar resistance in the 1353.87-57.50 area (double top, falling trend line). A daily close above this barrier exposes the July 2016 high at 1375.15. Alternatively, a turn below near-term rising trend support – now at 1335.11 – would open the door for another challenge of range support at 1307.25.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices are stalling at a critical resistance cluster in the 66.63-67.49 area (January 25 high, rising channel top, 38.2% Fibonacci expansion). A daily close above that exposes the 50% level at 70.38. Alternatively, a move below the 23.6% Fib at 63.90 targets the channel floor at 62.45.
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.