Gold Prices May Rise Amid Risk Aversion, US Taxes Eyed This Week

Retail traders are betting on gold gains. Find out here what this hints about on-coming price moves.

GOLD TECHNICAL ANALYSIS – Gold prices back at familiar range support in the 1266.44-69.10 area (October 5 low, 38.2% Fibonacci expansion). A daily close below this barrier initially exposes the 50% levelat 1257.69. Alternatively, a sustained push above support-turned-resistance at 1277.16 sees the next upside threshold at 1291.06, the October 20 high.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices punctured key resistance at 55.24, the January 3 high, exposing the 100% Fibonacci expansion at 56.38. A further push beyond that targets the 123.6% level at 58.10. Alternatively, a turn back below 55.24 – now recast as support – opens the door for a retest of the 76.4% Fib at 54.66.

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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