Gold Prices Menace Key Support with Fed Freshmen Hearings Due

See our quarterly gold price forecast to learn what will drive the trend through mid-year!

GOLD TECHNICAL ANALYSIS

Gold prices are treading water above rising trend support set from December 2016, now in the 1286.00-1303.33 area. Piercing this would mark a major reversal of the dominant trend and expose the next notable support in the 1260.80-66.44 zone. Alternatively, a daily close above support-turned-resistance in the 1323.60-33.42 region targets the confluence of a double top and falling channel ceiling in the 1349.31-57.50 area.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to show signs of topping, with a bearish Evening Star candlestick pattern reinforced by negative RSI divergence. A breach of support at 69.53 (trend line, former range top) exposes resistance-turned-support in the 66.22-67.36 area. Alternatively, a daily close through the May 10 high at 71.86 would invalidate the bearish setup and put the spotlight ton resistance in the 75.00-77.31 zone, marked by major swing bottoms set in August 2011 and June 2012.

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

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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