Gold Prices May Finally Break Trend Support on Hawkish Fed

See our guide to learn about the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices await clarify at support set from December 2016, now at 1294.89. A breakdown confirmed on a daily closing basis initially exposes the May 21 low at 1282.27, followed by the 1260.80-66.44 area. Alternatively, a push above the 1302.97-07.32 area aims for the upper layer of trend support (1312.82) and a chart inflection point at 1323.60.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are trying to resolve a clear directional bias at support set from June 2017. A break of its outer layer, now at 65.12, opens the door for a test of the April 6 low 61.84. Alternatively, a rebound back above resistance in the 66.22-67.36 area targets the 68.64-69.53 region next.

COMMODITY TRADING RESOURCES

  • Learn what other traders’ gold buy/sell decisions say about the price trend
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  • 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

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

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