Gold Prices May Find Fresh Support as Risk Appetite Sours

Retail traders expect gold to rise. See here what this hints about actual on-coming price moves!

GOLD TECHNICAL ANALYSIS – Gold prices are probing below range support marked by the the October 19 low at 1276.31. A break confirmed on a daily closing basis sees the next downside barrier at 1269.10, the 38.2% Fibonacci expansion. Alternatively, a turn above range resistance at 1291.06 – the October 20 high – targets the 50% Fib retracementat 1309.15.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are inching closer to resistance in the 52.86-53.23 area (September 28 high, 38.2% Fibonacci expansion). A daily close above that exposes the 50% level at 54.51. Alternatively, a move below rising trend line support at 50.80 paves the way for a retest of the October 6 low at 49.10.

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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